CBOT futures open higher amid South American weather woes
Xinhua,January 30, 2018 Adjust font size:
CHICAGO, Jan. 29 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities were trading higher on Monday morning as concerns deepened over weather woes in Brazil and Argentina.
As of 1535 GMT, March corn was up 1.25 cents at 3.5775 U.S. dollars per bushel while March wheat was up 6.75 cent at 4.4775 dollars and March soybeans up 8.75 cents at 9.9425 dollars per bushel.
Rainfall has been persistent in Brazil, which will lead to low crop quality and harvest delays. A wetter weather pattern in the country's center-west will delay corn planting as well, said market observers.
Dry weather that has prevailed in Argentina for some time also worried traders. Drought is affecting many regions that produce corn and soybeans.
Meanwhile, most parts of the U.S. plains have limited rain chances over the next two weeks, according to weather forecast. Further deterioration in wheat conditions is expected in a monthly crop ratings to be released later this week, said analysts. Enditem