Chicago Board of Trade (CBOT) wheat rose sharply Tuesday, while corn and soybeans followed wheat higher, according to analysts. The most active corn contract for March delivery climbed 1.5 cents, or 0.42 percent, to settle at 3.625 U.S. dollars per bushel. March wheat delivery advanced 9.25 cents, or 1.98 percent, to close at 4.7575 dollars per bushel. March soybeans gained 4.5 cents, or 0.52 percent, to close at 8.6575 dollars per bushel.
Analysts said that wheat advanced some 2 percent mainly on short covering and bargain buying as wheat already fell for five successive trading days by Monday.
CBOT brokers report that funds have bought 2,500 contracts of wheat before midday Tuesday, according to the Chicago-based consultancy company Agresource.
Additionally, some analysts said the fact that concerns about recent flooding may hurt some U.S. Midwest wheat fields also pressed wheat lower. Illinois, Missouri, Oklahoma and some other states, where winter wheat is grown, is under a Flash Flood Warning recently. Corn and soybeans were lifted by sharp gain of wheat Tuesday, according to analysts.
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