CHICAGO, May 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities settled higher on Friday, with wheat futures surging over 2 percent on worries that adverse weather will lead to crop shortfalls in key growing areas around the world.
Soybeans advanced for the fifth time in six sessions on renewed Chinese buying of U.S. export shipments, while corn edged upward on spillover support from higher wheat.
The most active corn contract for July delivery rose 1.75 cents, or 0.43 percent, to close at 4.06 dollars per bushel. July wheat delivery added 12.75 cent, or 2.4 percent, to close at 5.43 dollars per bushel. July soybean delivery went up 5.75 cents, or 0.56 percent, to close at 10.415 dollars per bushel.
CBOT brokers report that funds on Friday have bought 3,400 contracts of wheat, 2,200 contracts of corn, and 3,100 contracts of soybeans. In soy products, funds have bought 2,900 contracts of soy meal while selling 3,000 contracts of soy oil.
As for international market, Russia's SovEcon cut its production estimate to 77 million tonnes from 78.2 million tonnes on Thursday due to adverse weather in some growing areas.
On the demand side, however, exports from the Russia continue at a record pace, the consultancy company said, and it shows that there is global demand for the grain.
