Markets > Futures

U.S. soybean futures jump over 3 pct on weather concern

CHICAGO
2019-05-29 05:01

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CHICAGO, May 28 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures jumped over 3 percent on Tuesday, supported by wet weather concern in U.S. Midwest.

The most active soybean contract for July delivery added 26.25 cents, or 3.16 percent to close at 8.575 dollars per bushel. July corn delivery was up 16 cents, or 3.96 percent to close at 4.2025 dollars per bushel. July wheat delivery added 15.25 cents, or 3.12 percent to close at 5.0475 dollars per bushel.

CBOT soybean futures climbed on worries about U.S. planting delays. Traders' technical buying including short-covering gave support to the markets.

Adverse weather in the U.S. Midwest and Plains also fueled strong gains in the soybean and wheat markets due to concerns that farmers will be forced to curtail their plantings this spring and worries that flooding damaged the quality of the wheat crop.

CBOT corn futures settled at the highest levels in nearly two years on Tuesday, supported by planting delays across key growing areas of the U.S. Midwest following heavy rains, traders said. Enditem
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