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CBOT crop futures rise for 4th straight session

2019-12-18 06:42

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CHICAGO, Dec. 17 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures continued upward trend on Tuesday, with soybeans hitting a five-week high over export optimism.

The most active corn contract for March delivery was up 2 cents, or 0.52 percent to close at 3.90 U.S. dollars per bushel. March wheat was up 6.5 cents, or 1.18 percent to settle at 5.5625 dollars per bushel. January soybeans were up 6.75 cents, or 0.73 percent to close at 9.2875 dollars per bushel, the highest level since Nov. 8.

China and the United States agreed on the text of a phase one economic and trade agreement, which pushed up CBOT crop futures in the past four sessions in a row.

The latest U.S. crop export data were also supportive. U.S. wheat inspected or weighed for export totaled 506,291 metric tons, recording a 38-percent weekly increase compared to 366,014 metric tons during the previous seven days, according to the report for the week ending Dec. 12.

Meanwhile, U.S. corn export inspections were pegged at 686,686 metric tons, also higher than 489,612 metric tons in the previous week.

Although soybeans showed a decline week on week, the accumulative total this marketing year reached 18,633,317 metric tons, 3 million more than the previous year.

Reports that Argentina raised its taxes on agricultural exports offered additional support, according to market watchers.
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