Chicago Board of Trade (CBOT) agricultural commodities closed higher on Monday as futures posted moderate gains after sharp falls in the previous session.
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The most active corn contract for May delivery rose 0.25 cent, or 0.06 percent to settle at 3.9075 dollars per bushel. May wheat delivery went up 1.5 cents, or 0.31 percent to close at 4.9075 dollars per bushel. May soybeans were up 1.75 cents, or 0.17 percent to settle at 10.41 dollars per bushel.
CBOT floor brokers reported that funds sold 4,600 contracts of corn, 2,100 contracts of soybeans and 3,200 contracts of wheat.
Both wheat and soybean futures had dropped more than two percent last Friday after the U.S. Department of Agriculture(USDA) raised domestic wheat and soybean stockpiles in its monthly crop report.
Wheat continued its downturn on Monday morning but managed to close in the positive territory.
Meanwhile, the recent rainfall in Argentina has missed the areas where soybeans grow and the drought there is reportedly continuing, which offered support to CBOT soybean futures.
Although U.S. steel industry is rejoicing on the new import tariffs, many farmers are still worried that some countries might target U.S. soybeans if trade issues can not be solved through bilateral talks.
.
The most active corn contract for May delivery rose 0.25 cent, or 0.06 percent to settle at 3.9075 dollars per bushel. May wheat delivery went up 1.5 cents, or 0.31 percent to close at 4.9075 dollars per bushel. May soybeans were up 1.75 cents, or 0.17 percent to settle at 10.41 dollars per bushel.
CBOT floor brokers reported that funds sold 4,600 contracts of corn, 2,100 contracts of soybeans and 3,200 contracts of wheat.
Both wheat and soybean futures had dropped more than two percent last Friday after the U.S. Department of Agriculture(USDA) raised domestic wheat and soybean stockpiles in its monthly crop report.
Wheat continued its downturn on Monday morning but managed to close in the positive territory.
Meanwhile, the recent rainfall in Argentina has missed the areas where soybeans grow and the drought there is reportedly continuing, which offered support to CBOT soybean futures.
Although U.S. steel industry is rejoicing on the new import tariffs, many farmers are still worried that some countries might target U.S. soybeans if trade issues can not be solved through bilateral talks.
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