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​Chicago soybean futures edge higher on weather concerns

2018-08-09 08:41

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Chicago Board of Trade (CBOT) agricultural commodities closed higher on Wednesday, with soybean and corn futures rising on declining crop conditions and forecasts for hot, dry weather in the U.S. Midwest in the coming weeks.

The most active corn contract for December delivery went up 0.5 cent, or 0.13 percent to close at 3.85 dollars per bushel. September wheat delivery rose 5.7 cents, or 0.31 percent to close at 5.7 dollars per bushel. November soybean delivery added 4.75 cents, or 0.52 percent to close at 9.105 dollars per bushel.

About 67 percent of the soybean crop was rated good or excellent as of Sunday, according to the latest report released by U.S. Department of Agriculture, down from 70 percent a week earlier and below forecasts for 69 percent.

About 71 percent of corn crop earned top ratings, down from 72 percent a week earlier, but in line with forecasts, according to the U.S. government.

Wheat futures rose as investors turned to technical buying on global supply concerns.

As for forecast for agricultural crop, a strong storm is moving through central Oklahoma this morning that's causing flash floods and bringing downpours to the region, according to the National Weather Service. 
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