Markets > Commodities

U.S. soybeans fall amid profit-taking, trade uncertainty

Xinhua Financein CHICAGO
2018-11-06 08:36

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Chicago Board of Trade (CBOT) agricultural futures settled mixed on Monday, with soybeans falling due to profit-taking and trade uncertainty.

The most active December corn was up 2.75 cents, or 0.74 percent to close at 3.6775 dollars per bushel. December wheat was down 1.5 cents, or 0.29 percent to settle at 5.0725 dollars. January 2019 soybeans were down 2 cents, or 0.23 percent to close at 8.8575 dollars per bushel.

Soybeans posted sharp gains last week as sentiment surrounding U.S.-China trade relations turned more optimistic after the leaders of the two countries held a telephone conversation.

Profit-taking on Monday, and trade uncertainty, reversed the uptrend.

"The market lacks a directional feel with everyone discussing the potential result of the U.S. midterm elections, Thursday's USDA crop report and what are the chances that the U.S. and China reach a trade deal," commented AgResource, a Chicago-based agricultural research firm.

The U.S. Department of Agriculture (USDA) will release its November supply and demand report on Thursday. Many analysts estimate that U.S. corn yield will be lowered moderately, which has supported the corn futures for three consecutive sessions.
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