Chicago agricultural futures higher in morning trading
Xinhua,January 26, 2018 Adjust font size:
CHICAGO, Jan. 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities traded higher Thursday morning, as a weaker U.S. dollar lifted commodity markets, pushing soybeans futures over 10 dollars per bushel.
The morning trading has been mostly firmer on bullish technical considerations and the ongoing fall in the U.S. dollar.
As the U.S. equity market scores new highs, fund managers are looking at the grain and oil seed markets as cheap, and they are becoming concerned by their large net short CBOT positions.
March corn were up 0.25 cents at 3.5675 U.S. dollars per bushel as of 1545 GMT. March wheat was 1.5 cents higher at 4.345 dollars, and March soybeans was 7.75 cents higher at 10 dollars.
As for other market news, ethanol stockpiles jumped to a record last week, while production reached the highest level in a month.
U.S. inventories of the biofuel surged to a record 23.8 million barrels in the week that ended on Jan. 19, the Energy Information Administration said in a report. Enditem