Chicago agricultural commodities extend gain on short-covering

Chicago Board of Trade corn, wheat and soybeans futures extended gains Friday on short-covering, as more rains are expected to delay harvest.

The most active corn contract for December delivery rose 9.75 cents, or 2.49 percent, to close at 4.02 U.S. dollars per bushel. September wheat delivery added 30 cents, or 5.58 percent, to close at 5.68 dollars per bushel. November soybeans gained 8.25 cents, or 0.84 percent, to close at 9.68 dollars per bushel.

Weather forecast showed more storms next week in the Midwest, the main grain producing areas, which spurred concerns that excessive rains could curb supplies and delay winter wheat harvest.

In response, technical buying dominated the grain futures market on Friday. CBOT floor brokers reported 24,000 contracts of corn, 16,000 contracts of wheat, and around 17,000 contracts of soybeans before midday, according to Agresource, a Chicago-based Institute.