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Argentina drought continues to push up CBOT soybeans

Xinhua,February 15, 2018 Adjust font size:

CHICAGO, Feb. 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Wednesday with soybean futures gaining for the third consecutive session over drought in Argentina.

The most active corn contract for March delivery edged up 0.5 cent, or 0.14 percent to settle at 3.6725 dollars per bushel. March wheat delivery went down five cents, or 1.09 percent, to close at 4.5575 dollars per bushel. March soybeans rose 5.5 cents, or 0.54 percent, to settle at 10.1725 dollars per bushel.

CBOT brokers reported that funds bought 6,000 net contracts of corn, another 6,000 of soybeans while being flat in wheat.

Weather forecasts have offered little relief for Argentine crops, with little or no rains expected to fall over the next five days. As a result, prices of CBOT soybeans were pushed up further.

Meanwhile, profit-taking and more favorable weather in the eastern U.S. plains, dragged down wheat prices, said market observers. Enditem

 

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