Markets > Futures

Chicago soybean futures plunge as traders expect new Chinese purchases

Xinhua Financein CHICAGO
2019-01-11 08:36

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Chicago Board of Trade (CBOT) soybean futures dropped nearly 2 percent on Thursday, with market under pressure as traders are awaiting new purchases by Chinese buyers.

The most active corn contract for March delivery went down 5.75 cents, or 1.51 percent to close at 3.7625 dollars per bushel. March wheat delivery was down 6.25 cent, or 1.20 percent to close at 5.1375 dollars per bushel. March soybean delivery dropped 17.25 cents, or 1.87 percent to close at 9.0675 dollars per bushel.

Traders were missing details on daily U.S. grain export sales, which the U.S. Department of Agriculture has not been reporting during the federal government's partial shutdown.

CBOT soybean prices rose for five of the six previous sessions on optimism over U.S.-China trade talk.

China and the United States held a talk at the vice-ministerial level on economic and trade issues in Beijing from Monday to Wednesday, said a statement from Chinese Ministry of Commerce.

The talk has enhanced mutual understanding and laid a foundation for addressing each other's concerns, the statement said.

CBOT wheat futures fell after Egypt chose Russian supplies in its latest tender, and corn futures also went down as there is lack of fresh news to support corn prices. Enditem
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