Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago agriculture commodities finished higher Wednesday with Wheat rebounding more than 1% on Short-covering.
The most active Corn contract for March delivery climbed 1.25 cents, or 0.36% to settle at 3.49 bu.
March Wheat delivery rose 6 cents, or 1.46%, to 4.1675 bu.
January Soybean went up 3.5 cents, or 0.36% to close at 9.7925 bu.
CBOT brokers reported that funds bought 2,600 contracts of Corn and 1,900 contracts of Wheat, while selling 1,200 contracts of soybeans.
The US Department of Agriculture (USDA) Tuesday raised MY 2017/18 Wheat and Soybean end stocks estimates, both domestic and world, leading to overall declines in CBOT futures.
However, Short-covering reversed the downturn of Wheat and Corn Wednesday, and Soybean ended losses which lasted for 5 sessions running
Trade observers also argued that the CBOT commodities are still competitive with lower prices than those from Argentina and Brazil.
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