Chicago Board of Trade (CBOT) corn, wheat and soybeans all rebounded and settled sharply higher to close the week on Friday.
The most active corn contract for July delivery added 12.50 cents, or 2.94 percent, to close at 4.3775 dollars per bushel. July wheat delivery added 8.75 cents, or 1.85 percent, to settle at 4.8125 dollars per bushel. July soybeans advanced 25 cents, or 2.20 percent, to close at 11.595 dollars per bushel.
For the week, corn climbed 3.49 percent, wheat declined 2.78 percent, while soybeans also shed 1.59 percent, ending 9 successive weekly gains in a row, according to data collected by Xinhua reporter.
The overnight U.S. weather forecast didn't favor moisture in the crop field in U.S. Midwest, and analysts noted that corn, soybeans rebounded on concerns of dryness may return to the U.S. Midwest crop field.
While wheat climbed on technical buying as wheat already fell for six successive trading days before Friday. According to the numbers of agriculture consultancy AgResource, funds have bought 2,600 contracts of wheat before midday of Friday.
The U.S. Department of Agriculture (USDA) said Friday morning that private exporters reported export sales of 129,000 tons of soybeans for delivery to China and export sales of 395,000 tons of soybeans for delivery to unknown destinations, and analysts noted that the fresh export news helped soybeans on Friday.
source : xinhua