Markets > Commodities

CBOT crop futures settle mixed, corn higher on China buying

CHICAGO
2019-03-23 07:28

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CHICAGO, March 22 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled mixed on Friday, with corn rising over confirmed purchase from China and severe flooding that hit U.S. Midwest.

CBOT corn contract for May delivery was up 2 cents, or 0.53 percent, to close at 3.7825 dollars per bushel.

May wheat was down 0.5 cent, or 0.11 percent, to settle at 4.66 dollars per bushel. May soybeans were down 6.75 cents, or 0.74 percent, to close at 9.0375 dollars per bushel.

The U.S. Department of Agriculture on Friday morning confirmed sales by private exporters of 300,000 metric tons of corn for delivery to China during the 2018/19 marketing year, which began on Sept. 1. CBOT corn had posted 1.28 percent gains during the previous session over rumored Chinese booking of U.S. corn shipments.

Traders anticipate that China will purchase more U.S. agricultural products, including corn, as part of a trade deal being negotiated by the two countries.

Possible delay of corn planting due to the flooding that hit U.S. Midwest has also helped support CBOT corn futures, said analysts.

However, corn futures gave up some earlier gains toward the end of the session amid profit taking.

CBOT soybeans slid on Friday after two days of gains, while wheat was almost unchanged.
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