Chicago agricultural commodities settle mixed
Xinhua, May 15, 2017 Adjust font size:
Chicago Board of Trade (CBOT) grains futures closed mixed on Monday as soybeans rebounded as a result of strong demand both at home and abroad.
The most active corn contract for July delivery fell 3.25 cents, or 0.88 percent, to settle at 3.6775 dollars per bushel. July wheat delivery was down 9.5 cents, or 2.20 percent, to close at 4.2325 dollars per bushel. July soybeans rose by 2.25 cents, or 0.23 percent, to 9.6525 dollars per bushel.
U.S. cash soyoil prices have been rising on strong domestic demand. There have been rumors in the market that China is to buy more U.S. soybeans. All these obviously gave a boost to the soybean futures on Monday, said analysts.
CBOT brokers reported that funds sold 3,000 contracts of wheat while buying 1,500 contracts of corn, and 4,300 contracts of soybeans. The massive selling of wheat, said brokers, led to the fall of its prices.
The prices of corn futures were also lower, as weather in U.S. corn production areas has improved a lot following recent rains which brought corn planting there almost to a halt. Endit