Chicago agricultural commodities rally as storm hits Midwest

2017-05-19 21:10:55 GMT2017-05-20 05:10:55(Beijing Time) Xinhua English

CHICAGO, May 19 (Xinhua) -- Chicago Board of Trade (CBOT) grainsfutures closed higher on Friday as extreme weather hit U.S.'sgain-growing Midwest.

The most active corn contract for July delivery rose 6.5 cents,or 1.78 percent, to 3.725 dollars per bushel. July wheat deliveryclimbed 9.5 cents, or 2.23 percent, to close at 4.3525 dollars perbushel. July soybeans also rebounded by 8.25 cents, or 0.87percent, to 9.53 dollars per bushel.

Wheat futures posted more than two percent gains after producersreported that the overnight rain and strong wind had flattened somegrains in the Midwest plains. Corn followed the wheat higher.

Meanwhile, a rebounding Brazilian Real helped lift the CBOTsoybeans. U.S. soybean futures fell sharply as Brazil's currencylost some 8 percent the previous day. The plunge took place afterlocal media reported that President Michel Temer was caught on tapein a graft-covering scandal.

Brazil, with its largest-ever soybean harvest this year, is akey player in world market.

Another factor which led to the rise of CBOT commodities is thatbargain hunters jump on cheap supplies following the plunge onThursday, said some analysts. Enditem