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Chicago soybeans close higher on technical buying

2019-02-21 08:52

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Chicago Board of Trade (CBOT) soybean futures rebounded on Wednesday, as traders' technical buying boosted oilseeds prices after sustained loss in morning trade.

The most active corn contract for March delivery went up 1 cent, or 0.27 percent to close at 3.7075 U.S. dollars per bushel. May wheat delivery dropped 8 cents, or 1.63 percent to close at 4.8425 dollars per bushel. March soybean delivery was up 1.75 cents, or 0.19 percent to close at 9.025 dollars per bushel.

Soybeans started the day off on the negative side, with China planning to increase soybean planting, but ended the day on a positive note on technical buying.

CBOT wheat prices were under pressure from poor export demand for U.S. supplies, while corn futures went up as grain markets watched for developments in the U.S.-Chinese trade talks.

As for weather forecast for agricultural crop, a winter storm warning is in effect for much of U.S. state of Nebraska, almost all of Iowa, parts of southern Minnesota, and eastern Wisconsin, according to the National Weather Service.
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