Chicago agricultural commodities rise

Source:Xinhua Published: 2013-7-17 9:14:22

Chicago agricultural commodities rose Tuesday, with corn and soybeans posing growth and wheat retaining previous trading day closing price.

The most active corn contract for December delivery rose 7.25 cents, or 1.44 percent, to close at 5.1075 dollars per bushel. September wheat copied the previous trading day closing to settle at 6.695 dollars per bushel. November soybeans gained 22.5 cents, or 1.78 percent, to close at 12.8625 dollars per bushel.

December corn rose Tuesday on strong domestic market demand driven by active ethanol production in the US Even so, the transaction is light as producers are waiting to see how their crops will progress in the next 1-2 weeks when crops in the Corn Belt area will pollinate. The crop condition rating report is also supportive of corn, saying that unplanted corn acreage in northeast Iowa and southern Minnesota may be much worse than the U. S. Department of Agriculture (USDA) is indicating at present.

September wheat managed a same closing price as in the previous trading day Tuesday thanks to the spillover effect of corn and soybean markets. It was reported that Russia beat US overnight in winning Iraq hard wheat tender with the lowest offer. Wheat production prospects in France and Germany remain positive as well.

November soybean rose sharply Tuesday on strong buying and tight supply. Weather influence remained neutral as it is going drier in areas of Nebraska and Iowa, but has worked on soybean crops favorably in Illinois and to the east.





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