Special Report: Global Financial Crisis
ííCHICAGO, Jan. 6 (Xinhua) -- Soybeans and wheat
jumped Tuesday to a three-month high and corn gained the most in three weeks on
the Chicago Board of Trade.
Short covering and some new speculative long
positions provided a sharp boost for prices in the grain markets, said analysts.
The soybeans, corn and wheat markets opened higher
and then moved sharply higher over the course of the day before closing near the
highs of the session. Traders said that fund buying was arguably the major
underlying factor along with the continuation of light selling by farmers
Dry weather in South America was also a very
Soybeans futures for March delivery rose 29 cents, or
2.9 percent, to 10.16 U.S. dollars a bushel. March corn jumped 16.25 cents, or 4
percent, to 4.275 dollars a bushel. March wheat gained26.75 cents, or 4.3
percent, to 6.435 dollars a bushel.