Chicago soybean futures rebound on technical buying, weather concerns

Source: Xinhua| 2019-01-12 06:04:12|Editor: huaxia
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CHICAGO, Jan. 11 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures rebounded Friday after nearly 2 percent loss in the previous session, mostly on traders' technical buying and concerns about adverse weather in Brazil and Argentina.

The most active corn contract for March delivery went up 2 cents, or 0.53 percent to close at 3.7825 dollars per bushel. March wheat delivery was up 5.75 cent, or 1.12 percent to close at 5.195 dollars per bushel. March soybean delivery was up 3.5 cents, or 0.39 percent to close at 9.1025 dollars per bushel.

Soybeans dropped sharply on Thursday with market under pressure, as traders were awaiting new purchases by Chinese buyers.

However, traders were missing details on daily U.S. grain export sales, which the U.S. Department of Agriculture has not been reporting during the federal government's partial shutdown.

CBOT wheat futures rallied from one-week lows on Friday in a technical and bargain-buying bounce as a weakened U.S. dollar and rising wheat prices in rival exporting nations boosted prospects for U.S. shipments.

As for weather forecast for agricultural crop, winter storm warnings and watches are in effect Friday for much of the U.S. Midwest, as a large storm moves through the region, according to the National Weather Service. Enditem