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Chicago agriculture commodities rebound on USDA monthly report
2016/1/13 9:07:56

  CHICAGO, Jan. 12 (Xinhua) -- Chicago Board of Trade (CBOT) corn,wheat and soybeans all rebounded sharply on Tuesday as the UnitedStates Department of Agriculture's (USDA) Monthly Report showedlower-than-expected products.

  The most active corn contract for March delivery added 5 cents,or 1.42 percent, to settle at 3.5675 U.S. dollars per bushel. Marchwheat delivery advanced 12.25 cents, or 2.61 percent, to close at4.8125 dollars per bushel. March soybeans rose 13.25 cents, or 1.54percent, to close at 8.745 dollars per bushel.

  USDA released its January World Agriculture Supply and DemandEstimates (WASDE) report on Tuesday, saying that wheat seed use waslowered 6 million bushels on the winter wheat planted area, whileU.S. supplies for 2015/16 were lowered 6 million bushels.

  Additionally, the WASDE report said that U.S. farmers sowed36.61 million acres of winter-wheat varieties, which the analystsnoted was less than the lowest estimate in a Bloomberg survey ofanalyst and would be the lowest since 2010.

  As for the corn, the U.S. harvested area were raised slightly,but the national average yield was estimated 0.9 bushel per acrelower than the previous forecast, and corn production for 2015/16was estimated 53 million bushels lower.

  Soybean production was estimated by USDA at 3,930 millionbushels, down 51 million on lower harvested area and yields.Harvested area was estimated at 81.8 million acres, down 0.6million from the previous forecast, while yield was estimated at48.0 bushels per acre, down 0.3 bushels.

  Additionally, the USDA said Tuesday morning that privateexporters reported 140,000 tons of soybeans for delivery to unknowndestinations during the 2015/2016 marketing year, analysts notedthat this data was also good for soybeans on Tuesday. Enditem