Chicago Board of Trade (CBOT) corn, wheat and soybeans continued to settle higher Tuesday, led by wheat, which rose more than 2 percent on the lower U.S. dollar and concerns about dry weather in the Black Sea region. The most active corn contract for December delivery added 4.75 cents, or 1.21 percent, to settle at 3.9825 U.S. dollars per bushel. December wheat delivery advanced 10.75 cents, or 2.09 percent, to close at 5.2625 dollars per bushel. November soybeans was up 3.75 cents, or 0.42 percent, to close at 8.88 dollars per bushel.
Analysts said that the lower U.S. dollar helped corn, wheat and soybeans Tuesday, as the three major U.S. agricultural commodities became more competitive comparing to other countries' product.
The dryness in the Black Sea region and Australia, major rivals of U.S. wheat, raised expectation that they will export less wheat, according to analysts.
Additionally, the official data show a relatively slow pace of planting of U.S. winter wheat also supported wheat futures Tuesday.
The U.S. Department of Agriculture released its weekly Crop Progress after the market closed Monday, saying that winter wheat planted till the week of Oct. 4 was 49 percent, lower than previous year's 54 percent, also lower than 51 percent of last five years' average. Also, the winter wheat emerged ratio was lower than previous week and five year average.
The report said that corn harvest till the week of Oct.4 was 27 percent, soybeans harvest was 42 percent. Analysts said that corn and soybeans extended gains on technical buying ahead of a key report from the USDA as traders expected the USDA will reduce its yield estimates for corn and soybeans in the report.
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