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Lowered inventory estimates push up CBOT soybeans

Xinhua,April 11, 2018 Adjust font size:

CHICAGO, April 11 (Xinhua) -- Chicago Board of Trade (CBOT) futures were trading mixed on Wednesday morning with soybeans gaining further on lowered estimates of ending stocks.

As of 1444 GMT, May corn was down 1.75 cents at 3.875 U.S. dollars per bushel while May wheat was down 3.75 cents at 4.8825 dollars and May soybeans up 5 cents at 10.55 dollars per bushel.

U.S. Department of Agriculture (USDA) released on Tuesday its monthly World Agricultural Supply and Demand Estimates Report, in which USDA lowered 2017/18 domestic soybean ending stocks by 5 million bushel to 550 million bushel.

Meanwhile, the April report revised the Argentine soybean crop, down 7 million metric tons from its previous yield projection.

The adjusted estimates offered support to CBOT soybeans. Enditem

 

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