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Chicago soybean futures surge over 2% as U.S. crop export beats expectation

2018-09-21 08:52

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Chicago Board of Trade (CBOT) agricultural commodities closed higher on Thursday, with soybean futures surging over 2 percent as higher-than-expected weekly export sales and prospects for U.S. harvest delays sparked a round of short-covering.

The most active corn contract for December delivery went up 6.75 cents, or 1.95 percent to close at 3.525 dollars per bushel. December wheat delivery was 1.5 cents higher, or 0.29 percent to close at 5.24 dollars per bushel. November soybean delivery added 20.25 cents, or 2.44 percent to close at 8.5025 dollars per bushel.

CBOT corn futures rose nearly 2 percent, while wheat futures posted modest gains after a choppy session.

As for weather forecast for agricultural crop, thunderstorms in northwestern Iowa, southwestern Minnesota, northeast Nebraska and southeastern South Dakota are producing locally heavy rainfall and flooding some low-lying areas in the area, according to the National Weather Service. 
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