Chicago agricultural commodity futures market closes higher

Chicago agricultural commodity futures were traded higher Monday, mostly supported by historically tight stocks. The most active corn contract for May delivery rose 10 U.S. cents, or 2.03 percent, to settle at 5.02 dollars per bushel. May wheat gained 1.75 cents, or 0.25 percent, to settle at 6.9725 dollars per bushel. May soybeans rose 27.5 cents, or 1.91 percent, to close at 14.64 dollars per bushel. May soybeans closed higher after U.S. Department of Agriculture (USDA) pegged March 1 soybean stocks at a historically tight 992 million bushels, but November soybeans closed a few cents lower after the USDA predicted 81.5 million planted acres (about 33 million hectares) of the crop, a record high. December corn posted its highest close in six months after the USDA estimated the sown area of corn at 91.7 million acres, which was lower than expected. As of March 1, U.S. corn stockpiles were 7.006 billion bushels, below analysts' expectations for 7.099 billion bushels. Wheat stocks were 1.056 billion bushels, above analysts' estimates for 1.042 billion bushels.