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CBOT soybeans see corrective pullback in morning session

Xinhua,February 17, 2018 Adjust font size:

CHICAGO, Feb. 16 (Xinhua) -- Chicago Board of Trade (CBOT) futures were trading mixed on Friday morning with soybeans retreating from four consecutively rising sessions.

As of 1550 GMT, March corn was up 0.25 cent at 3.68 U.S. dollars per bushel while March wheat was down 3.25 cents at 4.585 dollars and March soybeans down 8.5 cents at 10.1575 dollars per bushel.

Deepening drought in Argentina had pushed up CBOT soybean futures this week to new highs since last July. The prices started to pull back on Friday morning amid profit-taking, ahead of a three-day weekend in the U.S. as CBOT will be closed on Monday, the President's Day.

However, according to a Buenos Aires Grain Exchange's crop report released on Thursday evening, a solid majority of Argentine soybean and corn crops are rated now as poor or very poor. Further erosion in ratings is expected if no rainfall in forecast to ease the drought there. Enditem

 

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