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CBOT corn futures surge over 4 pct on trade optimism

2019-10-12 05:14

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CHICAGO, Oct. 11 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled higher on Friday, with corn futures surging over 4 percent on trade optimism and weather concerns.

The most active wheat contract for December delivery was up 15 cents, or 3.04 percent, to settle at 5.08 U.S. dollars per bushel. December corn added 17.5 cents, or 4.6 percent, to 3.9775 dollars per bushel. November soybeans rose 12.5 cents, or 1.35 percent, to 9.36 dollars per bushel.

Soybean futures rose as traders are awaiting more information about the latest round of trade talks between China and the United States. Lower yield estimate also supported the market.

The U.S. Department of Agriculture, in its monthly supply and demand report released on Thursday, reduced its soybean yield estimate to 46.9 bushels per acre from 47.9 bushels last month. Analysts were expecting 47.3 bushels.

Wheat futures rallied on bargain buying, short covering and spillover effect from higher corn and soybeans.
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