Chicago agriculture commodities rise on dry weather

GMT 01:01 2014 Tuesday ,05 August

Arab Today, arab today Chicago agriculture commodities rise on dry weather

Chicago agriculture
Chicago - XINHUA

 Chicago agricultural commodities climbed on Monday as dry Midwest weather aroused concerns over crop quality.
The most active corn contract for December delivery rose 7 cents, or 1.93 percent, to 3.6925 U.S. dollars per bushel. Soybeans futures for November delivery rose 21 cents, or 1.98 percent, to 10.795 dollars per bushel. Wheat futures for September delivery added 9.75 cents, or 1.82 percent, to close at 5.44 dollars per bushel, the biggest gain since July 17.
Weather forecast showed a lack of precipitation in the eastern Midwest in the next five to seven days, pushing up soybean prices amid an increasing demand for supplies from the United States.
Corn and wheat rose in a short-covering bounce, some analysts said. However, near-record U.S. production still weighed on crop prices.
US export inspections through the week ending July 31 totaled 44.9 million bushels of corn, 12.9 million bushels of wheat and 1. 4 million bushels of soybeans. Analysts see the weekly corn shipments in line with the U.S. Department of Agriculture's 2013/ 2014 export forecasts.


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