Off the wire
• U.S. stocks move down ahead of Fed meeting  • U.S. dollar falls on downbeat data  • UN concerned about humanitarian funding shortfalls in South Sudan  • Sudan slams U.S.'s denial of entry visa for Sudanese official as "unjust"  • U.S., EU leaders agree on close coordination to address major challenges  • U.S. stocks end lower ahead of Fed meeting  • Canadian PM condemns terrorist killing of Canadian hostage in Philippines  • Crude prices fall amid rising inventory  • Chad extends state of emergency in Lake Chad Region  • UN Security Council hails start of Yemen's ceasefire, peace talks  
You are here: 　 Home

Chicago grains, soybeans bounce back from previous slump

Xinhua, April 26, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans closed all higher on Monday following the previous slump as funds added buying in grains, soybeans, despite improving weather and excessive supplies in cash markets.

Chicago corn led the gains as the most active corn contract for July delivery added 6.5 cents, or 1.66 percent, to close at 3.8175 U.S. dollars per bushel. Soybean for July delivery gained 13.5 cents, or 1.36 percent, to close at 10.0975 dollars per bushel. July wheat delivery rose 3.75 cent, or 0.79 percent, to close at 4.7775 U.S. dollars per bushel.

Investors went bargain hunting in agricultural commodity markets on Monday after CBOT grains and soybeans closed sharply lower last Friday as improving weather and soybean production estimates from Argentina were higher than expected.

Traders reported notable fund related buying in corn, soybeans and soymeal, sent the prices higher. "Funds came at the market from the opening day trade bell with corn, soybeans and wheat all sharply higher at midday," said AgResource company, a Chicago-based agricultural research institute," Funds have shown demand in wheat, but at diminished purchase pace when compared to the summer row crops."

U.S. grains and soybeans also found support as the U.S. weekly export inspections released by the U.S. Department of Agriculture (USDA) on Monday showed that shipments of corn, soybean through the week ending April 7 were in line with trade expectations.

For their respective crop years to date, the U.S. corn shipments were down about 13.5 percent from a year ago, but the shortfall is over 3 percentage points lower compared to one month ago.

As for wheat, the U.S. exports fell by more than 13 percent from the previous year, and the drop is about 1 percent higher than one month earlier, while soybean shipments were down about 7 percent from last year, according to the USDA. Enditem