CHICAGO, Oct. 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed significantly higher on Monday, with soybeans gaining almost three percent amid concern over crop damage.
The most active December corn was up 4.5 cents, or 1.2 percent to close at 3.7825 dollars per bushel. December wheat was up 7.75 cents, or 1.5 percent to settle at 5.25 dollars. November soybeans were up 24 cents, or 2.77 percent, to close at 8.915 dollars.
Extreme wet conditions in the U.S. Midwest have not only led to harvest delays, but also resulted in reduced quality, said market watchers.
The quality concern has been noted amid damaged or sprouted soybeans, which will cause lower margins for crushers and exporters.
The sharp rally in soybeans also pushed up prices of CBOT corn and wheat, with additional support from short-covering.
According to data compiled by the U.S. Commodity Futures Trading Commission, investors were net short by 39,691 soybean futures contracts last week, down from 42,878 contracts seven days earlier.
Unfavorable weather conditions in the U.S. Midwest have made speculative investors reduce their bearish positions in corn and soybeans.
