Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grain futures finished higher Monday with the Wheat posting a sharp rise as a result of snow and frost hitting the production areas.
The most active Corn contract for July delivery rose 11 cents, or 3%, to settle at 3.775 bu.
July Wheat delivery increased 23.75 cents, or 5.49% to 4.56 bu.
July Soybean was up 14 cents, or 1.46%, to 9.7025 bu.
Bad weather played a leading role in the sharp rise of Wheat futures, said traders.
Snow storm and frost hit the US western Wheat belt at the weekend, when farmers were preparing for the winter Wheat harvest. As people are scrambling to figure out the damage, the price of wheat futures saw an astonishing rise, which pushed it to a 2 month high.
Meanwhile, high precipitation levels in recent days also led to possible delay in Corn and Soybean planting.
Massive short covering was also featured in the markets, agriculture analysts declared.