CBOT: July corn rises 5.5 cents to US$5.1275/bushel; July wheat rises 11.75 cents to US$7.0825/bushel; July soybeans rise 24.25 cents to US$14.9425/bushel;
April 25, 2014
(Xinhua News Agency)
Chicago agricultural commodities rose across the board on Friday, led by wheat.
The most active corn contract for July delivery rose 5.5 cents, or 1.08 percent, to close at 5.1275 dollars per bushel. July wheat gained 11.75 cents, or 1.69 percent, to close at 7.0825 dollars per bushel. July soybeans climbed 24.25 cents, or 1.65 percent, to close at 14.9425 dollars per bushel.
Escalated tension in Ukraine has lent support to corn and wheat. Corn has also found support from anticipated delay in 2014 U.S. corn planting progress, which market analysts forecast at 20-24 percent by April 27.
News that China will delay its auction of 3 million tonnes of soybeans by a few weeks supported soybean. China is not showing any strong demand for soybeans, and as many as 9-12 cargoes of Brazilian soybeans are still struggling with Letters of Credit problem and are being offered to other world buyers at discount.
Weather forecast showed that it would be warmer and drier in the next week, and the chances for heavy rainfall have dropped. Weather after May 2 seems to be normal with average rainfalls. Enditem
(c) 2014 Xinhua News Agency