CHICAGO, Nov. 17 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed higher Friday with corn futures rising nearly 2 percent on fund-driven short-covering and talk of increased export demand.

Soybeans hit a one-week high as worries about stressful crop weather in Argentina lifted soymeal futures. Wheat futures firmed along with corn and soy, drawing additional support from a softer dollar, which tends to make U.S. grains more attractive on the global market.

The most active corn contract for December delivery went up 6.5 cents, or 1.93 percent, to 3.43 dollars per bushel. December wheat delivery rose 5.75 cents, or 1.36 percent, to 4.2725 dollars per bushel. January soybeans added 18.5 cents, or 1.9 percent to 9.905 dollars per bushel.

As for international markets, limited rain is expected across Argentina in the next 2 weeks while Brazilian crops will enjoy regular rains. The Argentine dryness worry is deepening with a trend of below normal expected into early December with intermittent heat.

More heavy rains are slated to drop across New South Wales, Victoria and Southern Australia that could damage their mature winter wheat crop. Enditem

Go to Forum >>0 Comment(s)