Markets > Commodities

U.S. soybean futures end higher on technical buying

CHICAGO
2019-12-27 06:08

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CHICAGO, Dec. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled higher on Thursday, with soybean futures edging higher as traders expected more U.S. soy exports to China.

The most active soybean contract for March delivery added 1.75 cents, or 0.19 percent, to close at 9.465 dollars per bushel. March wheat went up 8 cents, or 1.48 percent, to 5.49 dollars per bushel. March corn rose 1 cent, or 0.26 percent, to 3.885 dollars per bushel.

Soybean futures rallied on technical buying as investors expected China -- the top global soybean buyer -- would place more orders after Beijing and Washington agreed on the text of a phase one economic and trade agreement.

Traders adjusted positions ahead of year end. The U.S. Department of Agriculture's weekly export sales report is delayed until Friday due to Christmas holiday.

Firm global cash prices supported wheat futures market, while U.S. weather forecasts showed little threat to winter wheat.

Corn futures rose on technical moves and spillover support from soybeans and wheat.
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