Markets > Commodities

U.S. soybean futures jump over 2 pct weekly

CHICAGO
2019-12-15 04:52

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CHICAGO, Dec. 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled higher for the trading week ending Dec. 13, with soybeans rising over 2 percent mostly as China and the United States agreed on the text of a phase-one trade deal.

The most active soybean contract for January delivery rose 18 cents, or 2.02 percent week on week, to close at 9.075 U.S. dollars per bushel. March corn added 4.25 cents, or 1.13 percent, to settle at 3.81 dollars per bushel. March wheat went up 8 cents, or 1.53 percent, to end at 5.325 dollars per bushel.

CBOT agricultural futures settled mixed on Monday, with soybean futures rising on trade optimism and short covering.

Chinese importers bought at least two bulk cargo shipments of U.S. soybeans, or about 120,000 metric tons, for shipment in January and February, U.S. exporters said on Monday.

The deals came after China is said to be working on tax exemptions on part of the soybeans and pork imported from the United States in light of applications submitted by related enterprises, China's Customs Tariff Commission of the State Council announced last Friday.

CBOT agricultural futures settled higher on Tuesday, with soybean futures rising for a sixth straight session on hopes that the United States and China will continue to progress in trade talks.

Optimism about phase-one trade deal between China and the United States supported soybean futures but traders said that the strength will be limited until a pact has been definitively reached.

Corn futures also edged higher on an improved trade outlook as Canada, Mexico and the United States approved changes to a preliminary trade deal struck last year to replace their existing regional trade pact.

Wheat futures reversed earlier losses after the U.S. Department of Agriculture (USDA) forecast a drop in domestic wheat supplies to a five-year low.

CBOT agricultural futures settled lower on Wednesday, with soybean futures retreating on investors' profit taking after six straight days of gains.

Private exporters on Wednesday reported to the USDA export sales of 585,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.

Corn and wheat futures weakened on technical selling.

CBOT agricultural futures settled higher on Thursday, as investors turned to technical buying on fresh export demand and expectation of progress in trade talks between the United States and China.

USDA said on Thursday that weekly export sales of wheat totaled 502,700 metric tons, topping analyst forecasts.

Corn export sales for 2019/2020 marketing year were 873,500 metric tons in the week ending Dec. 5, which were up 60 percent from the previous week.

USDA said soybean export sales for the week were 1.05 million metric tons, up 54 percent from the previous week.

CBOT agricultural futures settled higher on Friday, with soybeans rising over 1 percent.

China and the United States have agreed on the text of a phase-one economic and trade agreement, according to a statement issued by the Chinese side Friday.

Reaching the agreement will serve the fundamental interests of the people of the two countries and the world, and is expected to bring positive influences on areas including economy, trade, investment and the financial market, the statement said.

Spillover strength in soybeans has supported corn and wheat markets, as investors turned to technical buying.
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