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Chicago Agricultural Commodities Close Higher-June 6
 

Chicago Board of Trade (CBOT) grains futures closed higher on Tuesday with wheat futures rising more than 1 percent on deteriorating spring wheat ratings amid hot and dry weather in the northern U.S. Plains.

Corn futures neared a three-month high and soybeans followed the firm trend.

The most active corn contract for July delivery rose 4.25 cents, or 1.14 percent, to 3.7725 dollars per bushel. July wheat delivery rose 6.25 cents, or 1.46 percent, to 4.3575 dollars per bushel. July soybeans added 1.5 cents, or 0.16 percent, to 9.235 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.74 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.

CBOT wheat posted the biggest advance on a percentage basis,led by the strength in spring wheat. The U.S. Department of Agriculture late Monday rated 55 percent of the U.S. Spring wheat crop in good to excellent condition, down from 62 percent a week earlier and 79 percent a year ago.

Corn futures rose on fears that stressful weather in the Plains could spread into the Midwest. Also, commodity funds hold large net short positions in corn, soybeans and wheat, leaving the markets vulnerable to bouts of short-covering.


(www.chinaview.cn 2017-06-07)
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