Chicago agricultural futures higher in morning trade
Xinhua,March 06, 2018 Adjust font size:
CHICAGO, March 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities traded higher on Monday morning, as investors turned to technical buying on worsening of the Argentine drought.
Dry weather in Argentina that has caused production reductions, is making it hard for traders to be too bearish on soybeans and corn. Worsening drought in the U.S. Southern Plains is likewise making it difficult to sell wheat recently.
May corn was 0.25 cent higher at 3.855 U.S. dollars per bushel as of 1600 GMT, May wheat was 5.25 cents higher at 5.0525 dollars, and May soybean was 4.5 cents higher at 10.755 dollars.
As for international market, a few thunderstorms dotted Argentina overnight with rain totals of 0.1 to 0.7 inch and coverage placed at 30 percent.
The Argentine weather forecast maintains an arid flow for the next 10 to 14 days with there being no evidence of the big soaking rain to ease the 4-month drought. Enditem