CHICAGO, March 5 (Xinhua) -- Chicago Board of Trade (CBOT) wheat settled sharply higher on Tuesday, after days of losses.
The most active wheat contract for May delivery was up 7.25 cents, or 1.59 percent to close at 4.6275 U.S. dollars per bushel. May corn was up 1 cent, or 0.27 percent, to settle at 3.7575 dollars per bushel. May soybeans went down 2.25 cents, or 0.25 percent, to close at 9.1375 dollars per bushel. CBOT traders estimated that funds bought 3,000 contracts of wheat, 2,500 contracts of corn, while selling 1,000-1,500 contracts of soybeans.
CBOT wheat had traded lower due to stiff international competition, especially from growers in the Black Sea region. Fund buying on Tuesday reversed the downturn. U.S. soybeans, which had been boosted in the past two sessions, retreated on Tuesday amid lack of more bullish news.
The most active wheat contract for May delivery was up 7.25 cents, or 1.59 percent to close at 4.6275 U.S. dollars per bushel. May corn was up 1 cent, or 0.27 percent, to settle at 3.7575 dollars per bushel. May soybeans went down 2.25 cents, or 0.25 percent, to close at 9.1375 dollars per bushel. CBOT traders estimated that funds bought 3,000 contracts of wheat, 2,500 contracts of corn, while selling 1,000-1,500 contracts of soybeans.
CBOT wheat had traded lower due to stiff international competition, especially from growers in the Black Sea region. Fund buying on Tuesday reversed the downturn. U.S. soybeans, which had been boosted in the past two sessions, retreated on Tuesday amid lack of more bullish news.
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