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Chicago agricultural commodities rise across board

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(Globalpost/GlobalPost)

Chicago agricultural commodities rose across the board Thursday.

The most active corn contract for May delivery gained 2.25 cents, or 0.35 percent, to close at 6.5125 dollars per bushel. May wheat rose one cent, or 0.14 percent, to settle at 6.9775 dollars per bushel. May soybeans climbed 9.25 cents, or 0.66 percent, to close at 14.02 dollars per bushel.

May corn traded slightly higher Thursday on tight cash markets and firm domestic market. Market is expecting up to 1 million tonnes of corn imports by ethanol and feed companies from Canada this crop year, equivalent to near 40 million bushels of corn.

Meanwhile, net weekly export sales of corn were at 185,200 tonnes for the current marketing year and 290,800 tonnes for the next marketing year for a total of 476,000 tonnes. By April 4, cumulative sales stood at 77 percent of the U.S. Department of Agriculture (USDA) forecast for the current marketing year, as against a 5-year average of 82 percent.

May wheat rose slightly after freezing temperatures spread across areas of the U.S. western plains for the second day in a row. And the market is expecting another threat of freezing temperatures in the western plains for the next week.

Net weekly export sales of wheat came at 263,500 tonnes for the current marketing year and 76,000 tonnes for the next marketing year for a total of 339,500 tonnes. By April 4, cumulative sales stood at 92 percent of the USDA forecast for the current marketing year, as against a 5-year average of 93 percent.

The USDA also reported Thursday that the U.S. sold 360,000 tonnes of Chicago wheat to China for the 2013-14 crop year.

May soybean rose Thursday on domestic tight supply as well as on concerns that the port strike in Brazil may delay soybean shipment.

Export sales were also supportive of soybeans: net weekly export sales were at 319,200 tonnes for the current marketing year and 64,500 tonnes for the next marketing year for a total of 383, 700. Cumulative sales by April 4 stood at 99 percent of the USDA forecast for the current marketing year, as against a 5-year average of 90 percent.

Philippines News agency

http://www.globalpost.com/dispatch/news/asianet/130412/chicago-agricultural-commodities-rise-across-board