CHICAGO, March 5 (Xinhua) -- Chicago agricultural commodity futures were traded higher Tuesday, as a weaker U.S. dollar and strong market demand provided support to the trading on the day.
The most active corn contract for May delivery rose 5.75 cents, or 0.82 percent, to close at 7.09 dollars per bushel. May wheat edged up 3.5 cents, or 0.5 percent, to settle at 7.06 dollars per bushel. May soybeans rose 4.5 cents, or 0.31 percent, to close at 14.665 dollars per bushel.
According to Chicago Mercantile Exchange (CME), May corn traded higher on the day and old crop corn continued its advance against the new crop contracts. It is reported mid-session that a group of Israeli buyers have tendered to buy 70,000 tonnes of corn for shipment in late April to mid-June.
Wheat markets traded higher on the day along with most other commodity markets. The Dow Jones Industrial Average hit all-time highs Tuesday and the U.S. dollar traded lower for most of the day, which offered modest support to the commodity complex.
May soybeans traded higher on the day but settled well off session highs despite positive export demand news Tuesday morning. The market continues to be well supported on setbacks due to growing concerns that the delays to vessel loading in the ports of Brazil will shift more demand to the US.
Also for soybeans, the U.S. Department of Agriculture reported that U.S. exporters sold 330,000 tonnes of soybeans to an unknown destination for 2012-13 delivery overnight. Exporters also sold 345,000 tonnes of soybeans to China for 2013-14 delivery.
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