Markets > Futures

CBOT corn rallies over new North America trade deal

Xinhua Financein ​CHICAGO
2018-10-02 09:23

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Chicago Board of Trade (CBOT) agricultural futures closed higher on Monday, with corn gaining more than two percent over the news about new North America trade deal.

The most active corn contract for December delivery rose 9.5 cents, or 2.67 percent to settle at 3.6575 dollars per bushel. December wheat was up 0.5 cent, or 0.1 percent to close at 5.095 dollars per bushel. November soybeans went up 12.25 cents, or 1.45 percent to settle at 8.5775 dollars per bushel.

The U.S. and Canada reached a last-minute deal on Sunday night to salvage a trilateral free trade agreement with Mexico. The news significantly pushed up the price of CBOT corn futures, as Mexico is the top buyer of U.S. corn.

Soybeans followed the rise of corn, while extreme wet weather in the U.S. Midwest gave additional support to corn and soybeans as continued rainfall is expected to further delay harvest.

Wheat prices were steady on Monday as U.S. winter wheat were 43 percent planted so far, close to average. Heavy rain will also slow seeding progress into mid and even late October, said analysts with AgResource, a Chicago-based agriculture research firm.
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