Chicago agricultural commodities rise

Chicago agricultural commodities rose across the board Wednesday on renewed tension in Ukraine, with wheat leading the growth. The most active corn contract for May delivery rose 1.5 cents, or 0.31 percent, to close at 4.8775 U.S. dollars per bushel. May wheat gained 23.25 cents, or 3.36 percent, to close at 7.1575 dollars per bushel. May soybeans climbed 13 cents, or 0.92 percent, to close at 14.3125 dollars per bushel. Dryness in southern plains in the United States added additional support to grains, wheat in particular. Funds now have a sizable net long position in corn, and a growing long position in wheat. Weekly ethanol report released Wednesday put ethanol production in the past week at 262 million gallons, up 6 million gallons from the previous week; and pegged ethanol stocks at 641 million gallons, a new 15-week low. Ethanol production margins continued to expand, supportive of corn. Soybeans arguably rose amid talks that China has been active in reselling its U.S. soybeans orders and Brazilian soybeans orders, and that the tonnage could be large. Trading above 14.4 dollars this week will be key for soybean to extend its rally, market analysts believe.