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CBOT soybeans extend gains on trade optimism

Xinhua Financein CHICAGO
2018-12-05 08:54

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Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, amid hopes that a trade deal will significantly increase the U.S. oil seed exports to China.

The most active January 2019 soybeans were up 6 cents, or 0.66 percent to settle at 9.1175 dollars per bushel. March corn was up 2.75 cents, or 0.72 percent to close at 3.8475 dollars per bushel. March wheat was up 1.25 cents, or 0.24 percent to settle at 5.225 dollars.

China and the United States have agreed to take measures to ease bilateral trade tensions, a development which drove up CBOT soybean prices remarkably in the past two days.

Following a double-digit rise in the previous session, the soybeans continued its upturn on Tuesday.

CBOT wheat was a bit weak on the lack of response from world markets, after an official report indicated that inspections of wheat for overseas delivery since June decreased 17 percent from the same period of 2017.

Still, the wheat futures managed to settle in positive territory, despite moderate losses during the morning session.
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