CBOT prices surge amid massive fund buying
Xinhua,April 28, 2018 Adjust font size:
CHICAGO, April 27 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed higher on Friday amid massive fund buying.
The most active corn contract for July delivery rose 3.25 cents, or 0.82 percent to settle at 3.985 dollars per bushel. July wheat delivery went up 9 cents, or 1.84 percent to close at 4.985 dollars per bushel. July soybeans were up 16.75 cents, or 1.61 percent to settle at 10.5625 dollars per bushel.
CBOT corn, wheat and soybean futures soared to sharp gains on massive fund buying, reported floor traders.
The U.S. Department of Agriculture on Thursday released its weekly export sales report, showing that wheat beat traders' expectations with total export volume at 297,200 tons, up noticeably from both the prior week and previous average. The latest data pushed up wheat prices.
Increasing demand for U.S. soybean and soy meal from Argentina, where soy corps suffered from severe dryness this year, boosted CBOT soybean prices.
Expectations among farmers and traders that high-ranking U.S. officials could make a deal next week in Beijing to avoid trade war with China also underpinned soybean futures. Enditem