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英语文摘:Chicago soybean, corn hit 30-month high

Source:  Onion  2011-02-03   English BBS   Favorite  

CHICAGO, Feb. 2 (Xinhua) -- Chicago soybean and corn both hit a 30-month high on Wednesday, buoyed up by Argentina's port worker strike, which has significantly disrupted the country's crop shipment. Wheat prices also strongly rebounded after Tuesday's drop.

The most active corn contract for March delivery gained 3.25 cents, or 0.49 percent, to 6.6925 U.S. dollars per bushel. March wheat hiked 27.25 cents, or 3.26 percent, to 8.63 dollars per bushel. March soybean rose six cents, or 0.42 percent, to 14.38 dollars per bushel.

Market traders noted that Argentine port workers, who have been on strike since the prior week, are blocking dozens of ships from the country's main terminals Alberto Jacobson. As a result, buyers have to turn to the United States for corn and soybean.

Argentina is the world's second largest exporter of corn and third largest soybean supplier.

Meanwhile, wheat staged a strong rebound in the day, as the market worried that cold weather could damage the winter wheat crop in the United States. According to weather forecast, bitter cold weather is moving into the plains for the next few days.

Besides, market talks that North Africa and Middle East countries would continue to stock up on food items added to the positive tone. Wheat has climbed 7.1 percent so far this year on increased demand.


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