Chicago agricultural commodity futures close higher

Chicago agricultural commodity futures market ended higher Thursday.The most active corn contract for July delivery gained 15.75 cents, or 2.49 percent, to close at 6.4875 dollars per bushel. July wheat rose 17.5 cents, or 2.48 percent, to settle at 7.235 dollars per bushel. July soybeans climbed 18 cents, or 1.29 percent, to close at 14.0875 dollars per bushel. July corn rose sharply Thursday on late planting. Tight corn supply in the U.S., particularly in local ethanol market also supported corn, even the disappointing export sale data released Thursday failed to drag down corn prices. Export sales data released Thursday show that U.S. corn sales came at 115,800 tonnes for the current marketing year and 169,900 tonnes for the next marketing year. By May 2, the cumulative export sales stood at 83 percent of the USDA forecast for the current marketing year, in comparison with a five-year average of 88.6 percent. July wheat traded higher Thursday on short covering. Meanwhile, reports of drier than normal weather conditions in parts of Ukraine and the southern regions of the Volga Valley in Russia further boosted wheat. Wheat export sales amounted to 239,200 tonnes for the current marketing year and 226,300 tonnes for the next marketing year. By May 2, the cumulative sales stood at 96 percent of the USDA forecast, as against a five-year average of 96. 2 percent. July soybeans went up Thursday on a strong processing market. Tight domestic supplies and farmers' reluctance to sell further propped up soybeans. The U.S. Department of Agriculture (USDA) reported Thursday that China bought 110,000 tonnes of soybeans from the U.S. for the 2013-14 marketing year, which was supportive of soybean. Export sales were 193,800 tonnes for the current marketing year and 391,700 tonnes for the next marketing year. By May 2, the cumulative sales stood at 99 percent of the USDA forecast, as against a five-year average of 94.5 percent.