Chicago agricultural commodities settle higher

Source: Xinhua| 2017-08-19 06:00:07|Editor: yan
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CHICAGO, Aug.18 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed higher on Friday despite uncertainty over next week's crop tour.

The most active corn contract for December delivery rose 1.5 cents, or 0.41 percent, to 3.6575 dollars per bushel. December wheat delivery went up 1.75 cents, or 0.40 percent to 4.425 dollars per bushel. November soybeans increased by 4.75 cents,or 0.51 percent, to 9.3775 dollars per bushel.

CBOT brokers reported that funds sold 1,000 contracts of wheat, while buying 1,000 contracts of corn and 2,200 contracts of soybeans.

U.S. soybean ship lineup this week has been reported up 24 percent, the largest since March. It shows the soybean exports remain upbeat, while suggesting that more efficient inspections are needed.

Strong demand for U.S. soybeans led to the rise of prices for the third straight day.

Corn and wheat, which had suffered losses in the past three sessions, rallied Friday due to technical buying and short-covering, said traders.

Next week , agricultural scouts plan to spread through the U.S. Midwest and hit more than 2,000 corn and bean fields in a bid to determine yield and production. A clearer picture will emerge when traders get the conclusion of the crop tour.