Chicago agricultural commodities settle higher

0 Comment(s)Print E-mail Xinhua, November 11, 2017
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CHICAGO, Nov. 10 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed higher on Friday with corn and soybeans bouncing from previous lows triggered by raised yield estimates.

The most active corn contract for December delivery went up 2 cents, or 0.59 percent, to 3.435 dollars per bushel. December wheat delivery rose 2.5 cents, or 0.58 percent, to 4.315 dollars per bushel. January soybeans gained 2 cents, or 0.20 percent to 9.87 dollars per bushel.

In the monthly crop production and supply/demand reports released on Thursday, the U.S. Department of Agriculture (USDA) pegged the updated U.S. corn and soybean yields at relatively higher levels. The new estimates led to more than 1 percent fall of both futures' prices.

Analysts said that Friday's corn and soybean markets just recovered from the previous session, thanks to massive buying.

CBOT brokers reported that funds bought 3,100 contracts of corn, 1,900 contracts of wheat, and 2,400 contracts of soybeans.

However, the ongoing harvest in U.S. Midwest and the oversupply limited the gains.

As for wheat, short-covering boosted its prices. Additional support came from the latest demands from Middle East countries and a weakening U.S. dollar. Enditem

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