Chicago soybeans back above 10 USD per bushel
Xinhua,December 06, 2017 Adjust font size:
CHICAGO, Dec. 5 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed mixed on Tuesday with soybeans bouncing above 10 U.S. dollars per bushel level.
The most active corn contract for March delivery rose 0.25 cent, or 0.07 percent to settle at 3.5375 dollars per bushel. March wheat delivery went down 2.5 cents, or 0.57 percent, to 4.3275 dollars per bushel. January soybeans rose 10 cents, or 1.00 percent to 10.085 dollars per bushel.
CBOT brokers reported that funds bought 6,300 contracts of soybeans and 5,400 contracts of corn while selling 2,100 contracts of wheat.
Dryness is expected to prevail in Argentina and southern Brazil, areas to grow soybeans and corn, in the next two or three weeks. The weather pattern has led to worries about crop yields in South America.
Speculative demand also played an important role in sparking a sharp rise in CBOT soybeans with corn following behind. The prices of soybeans rebounded above the 10-dollar level for the first time since Oct. 13.
Meanwhile, the latest U.S. wheat export sales data, which disappointed the traders, dragged down CBOT wheat prices for the second consecutive session. Enditem