CHICAGO, July 3 (Xinhua) -- Chicago Board of Trade (CBOT) crop futures rallied across the board on Wednesday, with corn posting more than 3 percent gains ahead the U.S. Independent Day holiday.
The most active corn contract for December delivery was up 15.25 cents, or 3.58 percent at 4.4125 U.S. dollars per bushel. September wheat was up 10.75 cents, or 2.14 percent to 5.14 dollars per bushel. November soybeans were up 10 cents, or 1.11 percent to 9.0875 dollars per bushel.
Corn futures gained sharply as the latest U.S. crop progress report showed no improvement in corn condition during the week ending June 30, with only 56 percent of U.S. corn crops were rated as good or excellent, the same as the previous week.
According to the U.S. Department of Agriculture, the good/excellent corn crops were 20 percentage points lower than the same period of last year.
Bargain hunting and technical buying after days of losses also supported CBOT futures, said market followers.
In the past two or three sessions, accelerating harvest of U.S. winter wheat had pressured the grain prices while soybeans posted losses on favorable weather.
Expectation among U.S. farmers and traders for more soybean sales to China, after the two countries agreed last Saturday to restart economic and trade consultations, was another factor supporting the oil seed prices, said analysts.
CBOT soybeans were on the rise also due to the lowest acres planted since 1999, said Virginia McGathey, market analyst of McGathey Commodities.
"That just tells us volatility is here to stay," she added. Enditem
