Soybean rebound leads CBOT higher

Source: Xinhua| 2018-07-07 06:46:25|Editor: xuxin
Video PlayerClose

CHICAGO, July 6 (Xinhua) -- Chicago Board of Trade (CBOT) soybean prices surged more than 4 percent on Friday after reaching the lowest level since November 2015 in the previous session.

The soybean contract for November delivery rose 38.75 cents, or 4.53 percent, to settle at 8.945 dollars per bushel. September wheat went up 9.75 cents, or 1.93 percent, to close at 5.1525 dollars per bushel. December corn was up 8.5 cents, or 2.33 percent, to settle at 3.73 dollars per bushel.

Concerns over escalation of tariffs between the United States and China had led to sharp fall in the soybean prices since March, with a loss totaling two U.S. dollars per bushel.

As the market has already digested the fears, said some analysts, bargain buying on Friday prompted the rise which they believe will not last long amid increasing trade tensions.

Estimates of less wheat output in France and Black Sea area due to adverse weather conditions continued to support the wheat futures.

Meanwhile, high temperatures in some corn growing areas of the United States pushed up its prices.