CBOT soybeans reach new high over Argentina drought concerns

Source: Xinhua| 2018-02-14 06:35:35|Editor: yan
Video PlayerClose

CHICAGO, Feb. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday as drought in Argentina pushed soybean prices to new high since last July.

The most active corn contract for March delivery edged down 0.25 cent to settle at 3.6675 dollars per bushel. March wheat delivery went down 3.25 cents, or 0.70 percent, to close at 4.6075 dollars per bushel. March soybeans gained 10 cents, or one percent, to settle at 10.1175 dollars per bushel.

CBOT wheat futures had gained more than three percent rally over dryness in the U.S. southern plains during the previous session. The prices ended lower on Tuesday due to technical selling, said market analysts.

The drought in Argentina continued to push up soybean futures sharply in the past two days, which reached new highs since the end of last July.

As drought is expected to deepen into late February, the soybean prices have stood above 10 dollars per bushel for two sessions.