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Chicago agricultural futures higher in morning trade

Xinhua,April 04, 2018 Adjust font size:

CHICAGO, April 3 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities traded higher on Tuesday morning, as investors turned to technical buying after a government report lowered expectations for corn and soybean plantings.

May corn was 2 cents higher at 3.8925 U.S. dollars per bushel as of 1530 GMT, May wheat was 10.75 cents higher at 4.57 dollars, May soybean was up 1.75 cents at 10.315 dollars.

The U.S. Department of Agriculture (USDA) surprisingly lowered the prospective planting outlook for corn and soybeans last week, 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 million acres, down 1 percent from last year. Enditem

 

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