CBOT soybeans settle lower amid profit-taking
Xinhua,February 27, 2018 Adjust font size:
CHICAGO, Feb. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday with soybeans retreating from one-year highs amid profit-taking.
The most active corn contract for May delivery rose 2.75 cents, or 0.73 percent to settle at 3.7725 dollars per bushel. May wheat delivery went up 8.5 cents, or 1.83 percent to close at 4.7275 dollars per bushel. May soybeans fell 1.5 cents, or 0.14 percent to settle at 10.46 dollars per bushel.
Deepening drought in Argentina pushed CBOT soybean futures to new highs in more than one year during Monday morning trade. However, the prices reversed lower as profit-taking prompted sell-off.
"Some of this rally really triggered profit-taking, taking it off the board," said Virginia McGathey from McGathey Commodities.
However, "that doesn't take away the fact that there still is some trouble in South America with the crops," she added.
Dryness in southern U.S. plains continued to support wheat prices as many parts of the U.S. states of Kansas and Texas were still suffering from dry weather.
Additional support came from frigid temperatures across the European continent, which sparked some worries that there may be some wheat crop damage there. Enditem