CHICAGO, Feb 18: Futures trading of agricultural commodities at the Chicago Board of Trade (CBOT) ended higher yesterday, with prices for wheat, corn, and soybeans all rising.
The most active corn contract for March delivery gained 2.25 cents, or 0.58 per cent, to close at 3.895 U.S. dollars per bushel. Soybeans for March delivery rose 17.25 cents, or 1.74 per cent, to close at 10.0775 dollars per bushel. Wheat for March delivery added 1.75 cents, or 0.33 per cent, to close at 5.3475 dollars per bushel.
Analysts said that short covering and other fund buying technical reasons caused prices of all three major commodities to rise Tuesday.
Analysts thought that another factor in the rises Tuesday could be cold and snowy weather in the U.S., which has led worries over rail car delays, forcing some users to take new coverage in the truck market.
CBOT wheat was also supported by worries that bitter cold conditions could hamper portions of the dormant crop not protected by snow cover in the United States.
National Oilseed Processors Association's monthly release said Tuesday that the U.S. soybean crush stood at 162.675 million bushels in January, and analysts said the amount was slightly bearish but had no big impact on the soybeans.