Chicago agricultural commodities settle higher

Source: Xinhua| 2017-09-14 04:58:12|Editor: yan
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CHICAGO, Sept. 13 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed higher on Wednesday and the soybean prices rebounded more than one percent, ending a four-day fall.

The most active corn contract for December delivery remained unchanged at 3.515 dollars per bushel. December wheat delivery rose 1.25 cents, or 0.28 percent,to 4.4325 dollars per bushel. November soybeans went up 10 cents,or 1.05 percent, to 9.605 dollars per bushel.

CBOT floor brokers reported that funds bought 2,400 contracts of wheat, 4,600 contracts of corn and 4,100 contracts of soybeans.

The U.S. Department of Agriculture (USDA) on Tuesday released its September crop report, which was deemed by the market as a bearish one, as it adjusted the U.S. corn and soybean yields upwards.

The USDA estimates pressured the CBOT futures, with both corn and soybean suffering some one percent losses.

On Wednesday, technical buying boosted the their prices and the soybean market got additional support from trade talk that China booked more U.S. soybeans for late October or November, taking advantage of the relatively low prices.

The USDA announced on Wednesday that private exporters reported new soybean sales of 167,370 metric tons for delivery to Mexico. All the factors pushed the soybean prices higher and ended four consecutive days of slide.