CHICAGO, June 5 (Xinhua) — Chicago Board of Trade (CBOT) grains futures closed higher on Monday with corn and soybean futures rising moderately on technical buying and fund short-covering.
The most active corn contract for July delivery rose 0.25 cent, or 0.07 percent, to 3.73 dollars per bushel. July wheat delivery kept unchanged at 4.295 dollars per bushel. July soybeans climbed 0.75 cent, or 0.08 percent, to 9.22 dollars per bushel.
In the outside markets, the Brent crude oil market is 0.36 dollar lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower.
Pete Meyer, PIRA Energy grain analyst, says that the markets seem to be struggling for new information at the moment.
“Additionally, the heavy supplies from South America continue to limit any upside, despite concerns over eastern Belt wetness and dryness in the Plains,” Meyer says.