Chicago agricultural commodities settle higher

CHICAGO, March 5 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed higher on Monday, with wheat futures rising more than 1 percent as weather forecasts showed little rain relief for dry wheat crops in the U.S Plains or drought-affected grain belts in major exporter Argentina.

The most active corn contract for May delivery rose 2 cents, or 0.52 percent to close at 3.8725 dollars per bushel. May wheat delivery rose 9.25 cents, or 1.85 percent to close at 5.0925 dollars per bushel. May soybeans rose 6 cents, or 0.61 percent to close at 10.775 dollars per bushel.

CBOT floor brokers report that funds on Monday have bought 2,400 contracts of wheat, 3,300 contracts of corn, and 1,700 contracts of soybeans. In soy products, funds have sold 1,100 contracts of soymeal and bought 3,100 contracts of soyoil.

As for international market, a few thunderstorms dotted Argentina overnight with rain totals of 0.1 to 0.7 inch and coverage placed at 30 percent.

The Argentine weather forecast maintains an arid flow for the next 10 to 14 days with there being no evidence of the big soaking rain to ease the 4-month drought. Enditem