Markets > Commodities

CBOT crop futures settle mixed, all eyes on U.S.-China deal

Xinhua News,CHICAGO
2020-01-15 06:43

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CHICAGO, Jan. 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, and market participants are having their eyes on the phase one U.S.-China trade deal to be signed this week.

The most active corn contract for March delivery was down 0.5 cent, or 0.13 percent, to settle at 3.89 U.S. dollars per bushel. March wheat rose 6.25 cents, or 1.11 percent, to settle at 5.685 dollars per bushel. March soybeans ended unchanged at 9.4225 dollars per bushel.

According to the U.S. Department of Agriculture, inspections of wheat and soybeans for overseas delivery rose week to week, while corn assessments declined in the seven days through Jan. 9.

U.S. wheat inspected and weighed for export during that week totaled 473,960 metric tons, up from 420,653 metric tons in the previous seven days.

Firmer European wheat prices gave additional boost to CBOT wheat, while reports that Russia is considering export quota for the grain also supported wheat futures.

"The fact that they are talking about or thinking about limiting exports has got the wheat market fairly excited in the wheat chart,"said Ted Seifried, analyst with Zaner Ag Hedge.

He added that people are now waiting "on pins and needles" to see how much the phase one U.S.-China agreement can boost U.S. crop sales to China.
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