CBOT soybean futures experiencing ups and downs in choppy session

CHICAGO, March 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed lower on Monday with soybean futures experiencing ups and downs in a choppy session.

The most active corn contract for May delivery fell 3.25 cents, or 0.86 percent to settle at 3.74 dollars per bushel. May wheat delivery lost 6 cents, or 1.30 percent to close at 4.5425 dollars per bushel. May soybeans were down 2.75 cents, or 0.27 percent to settle at 10.255 dollars per bushel.

CBOT brokers reported that funds sold 6,000 contracts of corn and 3,600 contracts of wheat, while buying 2,500 contracts of soybeans. Funds were early buyers of soybeans but turned sellers at midday.

U.S. President Donald Trump has recently threatened to impose tariffs on up to 60 billion U.S. dollars of imports from China, in a latest unilateral move that could draw retaliation from China, leading to fears that U.S. soybeans could be targeted.

But U.S. Treasury Secretary Steven Mnuchin told Fox News on Sunday that American officials were simultaneously having negotiations with their Chinese counterparts in an effort to reach an agreement. His remarks gave some tentative relief to the market and prompted an early rally during the morning session.

However, soybean prices reversed the uptrend at midday amid concerns that the U.S. Department of Agriculture will probably increase its forecast for acreage in this week's prospective plantings report, and further declined into negative territory.

CBOT corn and wheat also posted losses on Monday. Enditem