Roundup: CBOT soybeans surge on export sales but uncertainty remains over trade dispute

CHICAGO, April 14 (Xinhua) -- Chicago Board of Trade (CBOT) grain futures closed mixed over the trading week which ended April 13, with the soybean prices soaring by double digits as a result of surprisingly higher export sales.

The most active corn contract for May delivery fell 2.25 cents, or 0.58 percent weekly, to 3.8625 dollars per bushel. May wheat delivery rose 0.25 cent, or 0.05 percent, to 4.725 dollars per bushel. May soybeans went up 20.5 cents weekly, or 1.98 percent, to 10.5425 dollars per bushel.

CBOT soybeans rallied on Monday in response to the news that 458,000 metric tons of soybeans were recently sold to an unknown destination, with more than two-thirds were for delivery in the current marketing year that ends on Aug. 31.

Higher demand for U.S. soybeans was further confirmed on Thursday when the U.S. Department of Agriculture released its weekly export sales report for the period of March 30 to April 5, showing soybean sales beat expectations.

A total volume of 2,464,500 metric tons of soybeans were sold to foreign buyers, while the trade's expectation was between 800,000-1,700,000 metric tons.

Despite an almost 2 percent weekly increase in soybean prices, the uncertainty of the future U.S.-Chinese trade relations remains a big concern for soy growers and traders. Beijing has vowed to impose an additional 25 percent duty on U.S. soybeans, should Washington go ahead with its punitive tariffs on Chinese products.

CBOT wheat witnessed a fluctuating week. On Monday, wheat futures surged almost 4 percent over concerns that unusually cold weather in the southern U.S. plains and eastern Midwest hurt or would harm winter wheat, as temperatures fell well below zero degree Celsius in some areas during overnight hours and snow fell in the Midwest.

But the grain weakened toward the end of the week amid improved weather forecasts with rain for the plains and significantly rising temperatures.

Additional pressure came from the newly raised outlook for both U.S. and global inventories of wheat, which made some investors sell their contracts before the weekend to lock in profits. Still, the most active May wheat settled this trading week in the positive territory.

CBOT corn traded in a narrow range, ending modestly lower after a dull week. If there is a poor planting forecast next week, said some market observers, it could accelerate a bounce. Enditem