Chicago soybean futures rise as market partly digests trade tensions

Source: Xinhua| 2018-06-28 07:04:15|Editor: ZD
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CHICAGO, June 27 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mostly higher on Wednesday, with soybean futures rising slightly after plunging over 30 cents in the past two consecutive sessions, as market partly digested the impact of trade tensions.

CBOT wheat futures rose on bargain buying after a three-session sell-off pushed the September delivery contract to a one-week low, traders said.

Corn futures ended flat, consolidating after recent declines and as investors awaited two key U.S. government crop reports later this week.

The most active corn contract for July delivery kept unchanged at 3.525 dollars per bushel. September wheat delivery added 5.5 cents, or 1.14 percent to close at 4.885 dollars per bushel. November soybean delivery went up 1.5 cents, or 0.17 percent to close at 8.89 dollars per bushel.

Some investors are jumping back into the market after soybean prices plunged to the lowest level in recent years. The CBOT market is anxious to see U.S. and Chinese soybean trade to return to normal.

According to the latest Weekly Crop Progress Report by the U.S. Department of Agriculture (USDA), 73 percent of U.S. soybean crop is rated the highest rating for this time of year in about 30 years.

Traders also are looking ahead to Friday's Acreage and Quarterly Stocks Report, in which they expect the USDA to raise its U.S. corn and soybeans planting estimates from prior-month forecasts.