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CBOT futures soar amid planting acreage fall

Xinhua,March 30, 2018 Adjust font size:

CHICAGO, March 29 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed sharply higher on Thursday after a govnerment report lowered expectations for corn and soybean plantings.

The most active corn contract for May delivery rose 14.25 cents at 3.8775 dollars per bushel. May wheat delivery went up 5.5 cents, or 1.23 percent to close at 4.51 dollars per bushel. May soybeans surged 26.75 cents, or 2.63 percent to settle at 10.4475 dollars per bushel.

The U.S. Department of Agriculture (USDA) surprisingly lowered the prospective planting outlook for corn and soybeans on Thursday, which contradicted the expectations of the trade.

The USDA said in a report that corn planted area for all purposes in 2018 is estimated at 88 million acres, down 2 percent from last year. Soybean planted area for 2018 is estimated at 89.0 million acres, down 1 percent from last year.

The acreage declines, despite of large stocks, prompted surge of their prices. Enditem

 

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