Chicago agricultural commodities soar across board
Last Updated:2013-08-27 10:09 | Xinhua
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Chicago agricultural commodity futures prices on Monday soared across the board due to hot and dry weather forecast, with corn posting a rise of 6.49 percent.

The most active corn contract for December delivery rose 30.5 cents, or 6.49 percent, to close at 5.005 dollars per bushel. December wheat gained 20.75 cents, or 3.21 percent, to close at 6. 6675 dollars per bushel. November soybeans climbed 61.5 cents, or 4.63 percent, to close at 13.895 dollars per bushel.

December corn soared Monday on worrisome weather forecast that forebodes scorching temperatures and lack of rainfall in the Midwest, which may adversely impact kernel fill. Traders are expecting a decline in good-excellent conditions for corn. Corn shipments for export inspections for the week ending Aug. 22 were estimated at 12 million bushels, compared with 7 million bushels in the previous week.

December wheat rose Monday in tandem with the corn market and on some fresh buying and short covering. As freezing temperatures continued in Brazil, the Agriculture Ministry of Brazil was forced to lower the country's production forecast to 1.98 million tonnes from 2.7 million tonnes. The European Commission also cut the corn yield forecast from 7.22 tonnes to 6.97 tonnes per hectare due to dry weather. Wheat export shipments for the week ending Aug. 22 were estimated at 31.2 million bushels, down from 33.8 million bushels in the previous week. The cumulative shipment pace was at 28 percent of the U.S. Department of Agriculture (USDA) forecast, as against the 5-year average of 23 percent.

November soybean also traded higher Monday on hot and dry weather forecast in the next 7-14 days for the state of Missouri, most of Illinois and Indiana, and Iowa, as hot and dry weather is negative to soybean growth. Export soybean shipments for the week ending Aug. 22, however, were placed at 2.5 million bushels, down from 5.3 million bushels in the prior week.

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