Chicago agricultural commodities close higher

Chicago Board of Trade (CBOT) grains futures closed higher with wheat futures surging by nearly 5 percent on fears that continued dry conditions in the northern U.S. Plains would cut supply of high-protein milling wheat.

The most active corn contract for September delivery rose 3.25 cents, or 0.89 percent, to 3.695 dollars per bushel.

September wheat delivery surged by 23 cents, or 4.86 percent, to close at 4.96 dollars per bushel.

November soybeans added 3 cents, or 0.33 percent, to 9.2475 dollars per bushel.

The U.S. Department of Agriculture (USDA) was scheduled to release updated U.S. plantings figures on Friday.

Analysts expect the USDA to lower its spring wheat plantings estimate to 11.2 million acres from its March forecast of 11.3 million.

CBOT corn and soybeans firmed with spillover support from wheat and weakness in the dollar countering benign weather conditions in the U.S. Midwest.

According to USDA’s crop report, through the week ending last Thursday, the U.S. sold a net 12 million bushels of corn against 21 million the prior week.

Wheat sales totaled 18 million bushels, down 2 million from last week. Soybean sales totaled 11 million bushels.

Source: Voice of Nigeria