CHICAGO, March 3 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed higher on Tuesday.
The most active corn contract for May delivery rose 5.75 cents, or 1.53 percent, to settle at 3.8125 U.S. dollars per bushel. May wheat went up 4 cents, or 0.76 percent, to close at 5.2725 dollars per bushel. May soybeans added 2.5 cents, or 0.28 percent, to settle at 9.035 dollars per bushel.
CBOT wheat futures rose on expectations that governments will provide stimulus to fight against a potential economic downturn stemming from the coronavirus outbreak.
However, U.S. wheat is facing stiff competition on the export market.
Australian Bureau of Agricultural and Resource Economics and Sciences on Tuesday estimated the country's 2020/21 marketing year wheat production at 21.3 million metric tons, up 40.4 percent from the 12-year low of 15.17 million metric tons in 2019/20 when drought across Australia's east coast wilted crops.
Corn futures were boosted by technical buying after rally in the previous session.
Gains in crude oil supported soybean futures. Soybeans were also boosted by technical buying and expectations for a coordinated global effort to offset the economic impact of the coronavirus outbreak. Enditem
