Chicago Board of Trade (CBOT) grains futures closed higher on Thursday with corn and soybeans rallying on bargain hunting.

The most active corn contract for May delivery rose 2.5 cents, or 0.69 percent, to 3.66 dollars per bushel. May wheat delivery settled flat at 4.36 dollars per bushel. May soybeans went up 3.5 cents, or 0.35 percent, to 10.015 dollars per bushel.

Corn was mainly boosted by the weekly U.S. export sales through the week ending March 9, which included 49 million bushel of corn, compared to 29 million one week ago.

Soybeans, thanks to bargain buying, reversed an eight-session decline due to record-high South American crop estimates. The May contract is now back above the psychological 10-dollar per bushel mark.

Wheat for May delivery closed unchanged but freezing temperature in Illinois, Missouri, Arkansas and other states are reportedly threatening soft-red winter wheat, which is emerging from winter dormancy.

A good news for U.S. grain crops is that the weakening dollar, at its lowest level in about a month, can provide overseas buyers with more purchasing power, analysts said. Enditem

Source: Xinhua/NewsGhana.com.gh

LEAVE A REPLY

Please enter your comment!
Please enter your name here