Chicago agricultural futures higher in morning trade

Source: Xinhua| 2018-09-15 00:39:14|Editor: yan
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CHICAGO, Sept. 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities traded higher on Friday morning, with wheat futures rebounding as bargain hunters came looking for supplies after the grain fell almost 10 cents on Thursday.

The most active December corn was up 0.5 cents at 3.51 U.S. dollars per bushel as of 1530 GMT, December wheat was 7.75 cents higher at 5.0475 dollars, November soybean was up 1.25 cents at 8.345 dollars.

Wheat futures fell on Thursday after the U.S. Department of Agriculture (USDA) raised its outlook for global wheat supplies by 4.7 million tonnes and increased its production estimate. The USDA raised its outlook for Russia's wheat crop by 3 million tonnes to 71 million tonnes.

Still, the agency decreased its forecast for Australia's wheat due to drought by 2 million tonnes to 20 million tonnes, and lowered its outlook for Canadian production by 1 million tonnes to 31.5 million tonnes.

As for weather forecast for agricultural crop, Hurricane Florence is pounding North Carolina this morning with a feared storm surge and strong winds, and the eye of the storm hasn't officially made land yet, according to the National Weather Service.