Chicago Board of Trade (CBOT) soybean futures surged double digits on Thursday amid China trade optimism and adverse weather in Brazil.
CBOT March soybeans were up 13.25 cents, or 1.48 percent to settle at 9.0775 dollars per bushel. March corn was up 6 cents, or 1.6 percent to settle at 3.80 dollars per bushel. March wheat was up 5.25 cents, or 1.02 percent to close at 5.1775 dollars per bushel.
Soybeans started the surge after The Wall Street Journal reported that the United States is considering lifting some or all tariffs imposed on China in a bid to hasten a trade deal between the world's two largest economies.
Additional support came from the hot and dry weather conditions in many parts of Brazil, which made analysts lower the soybean output forecast there.
CBOT corn and wheat also posted sharp gains on better export expectations. Black Sea wheat prices have reportedly gone up, making U.S. wheat competitive in international market.
CBOT March soybeans were up 13.25 cents, or 1.48 percent to settle at 9.0775 dollars per bushel. March corn was up 6 cents, or 1.6 percent to settle at 3.80 dollars per bushel. March wheat was up 5.25 cents, or 1.02 percent to close at 5.1775 dollars per bushel.
Soybeans started the surge after The Wall Street Journal reported that the United States is considering lifting some or all tariffs imposed on China in a bid to hasten a trade deal between the world's two largest economies.
Additional support came from the hot and dry weather conditions in many parts of Brazil, which made analysts lower the soybean output forecast there.
CBOT corn and wheat also posted sharp gains on better export expectations. Black Sea wheat prices have reportedly gone up, making U.S. wheat competitive in international market.
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