Chicago Board of Trade (CBOT) corn and wheat rebounded on Tuesday on bottom picking but soybeans continued to decline amid trade uncertainty.
The corn contract for December delivery rose 5.25 cents, or 1.46 percent to settle at 3.6425 dollars per bushel. September wheat went up 10.75 cents, or 2.24 percent to close at 4.91 dollars per bushel.
But November soybeans were down 5.25 cents, or 0.60 percent to settle at 8.6425 dollars per bushel, the lowest level since March 2016.
CBOT brokers estimated that funds bought 3,000 contracts of wheat, 6,000 contracts of corn while selling 2,400 contracts of soybeans.
Massive selling during the previous session had led to sharp fall in prices of corn and wheat. Traders contributed the strong rebounce on Tuesday to smaller Russian corn and spring wheat crops, along with bargain buying.
However, soybeans continued to fall as the United States has so far failed to solve its trade dispute with China, its top oil seed buyer.
According to a recent state-by-state analysis by the U.S. Chamber of Commerce, Washington, Louisiana and Illinois are among the most hit soybean exporting states in case of a trade war.
"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home," warned Chamber President and CEO Thomas J. Donohue.
The corn contract for December delivery rose 5.25 cents, or 1.46 percent to settle at 3.6425 dollars per bushel. September wheat went up 10.75 cents, or 2.24 percent to close at 4.91 dollars per bushel.
But November soybeans were down 5.25 cents, or 0.60 percent to settle at 8.6425 dollars per bushel, the lowest level since March 2016.
CBOT brokers estimated that funds bought 3,000 contracts of wheat, 6,000 contracts of corn while selling 2,400 contracts of soybeans.
Massive selling during the previous session had led to sharp fall in prices of corn and wheat. Traders contributed the strong rebounce on Tuesday to smaller Russian corn and spring wheat crops, along with bargain buying.
However, soybeans continued to fall as the United States has so far failed to solve its trade dispute with China, its top oil seed buyer.
According to a recent state-by-state analysis by the U.S. Chamber of Commerce, Washington, Louisiana and Illinois are among the most hit soybean exporting states in case of a trade war.
"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home," warned Chamber President and CEO Thomas J. Donohue.
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