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Chicago agricultural commodities rise across board
Last Updated:2013-08-16 08:04 | Xinhua
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Chicago agricultural commodities rose across the board Thursday, with corn and soybean rising by big margins.

The most active corn contract for December delivery rose 17 cents, or 3.73 percent, to close at 4.7225 dollars per bushel. December wheat gained 6.75 cents, or 1.05 percent, to close at 6. 495 dollars per bushel. November soybeans climbed 26.5 cents, or 2. 14 percent, to close at 12.655 dollars per bushel.

December corn rose Thursday to the highest level since Aug. 1 thanks to negative weather forecasts saying the northern Midwest will be warm and lack rainfall in the next 5-7 days. Export sales exceeded market estimates due to solid new crop sales. Net weekly export sales showed a cancellation of 59,100 tonnes for the current marketing year and 836,100 tonnes of new sales for the next marketing year.

By Aug. 8, cumulative sales of corn stood at 33 percent of the U.S. Department of Agriculture (USDA) forecast for 2013-2014, as against a 5-year average of 22 percent.

December wheat traded higher Thursday following a soaring corn market. Fundamentals did not support wheat prices as China, a large wheat importer, has shown no interest in wheat imports in the last couple of weeks. Net weekly export sales of wheat came at 490,100 tonnes for the current marketing year and 5,500 tonnes for the next marketing year for a total of 495,600 tonnes. This was below market estimates as well as below the level a week ago. By Aug. 8, cumulative sales of wheat stood at 47 percent of the USDA forecast for 2013-2014, as against a 5-year average of 37 percent.

November soybean closed higher on supportive export sales. Net weekly export sales of soybean ending Aug. 8 covered 10,500 tonnes cancelled for current marketing year and 1,893,400 tonnes of new sales for the next marketing year. By August 8, cumulative sales stood at 47.5 percent of the USDA forecast for 2013-2014, as against a 5-year average of 30 percent. Meanwhile, soybean crush released by the National Oilseed Processors Association (NOPA) came at 116.34 million tonnes, in line with market estimates.

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