CBOT wheat jumps on bargain hunting

Source: Xinhua| 2019-03-13 06:31:06|Editor: yan
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CHICAGO, March 12 (Xinhua) -- Chicago Board of Trade (CBOT) wheat futures surged more than 5 percent on Tuesday over bargain buying, after sharp falls during recent sessions.

The most active wheat contract for May delivery was up 24.5 cents, or 5.72 percent to close at 4.53 U.S. dollars per bushel. May corn was up 3.75 cents, or 1.04 percent, to settle at 3.6575 dollars per bushel. May soybeans were up 7 cents, or 0.79 percent, to close at 8.97 dollars per bushel.

CBOT wheat had fallen to the lowest level since January 2018 amid massive fund selling in the past several days. Bargain hunting and short covering started to push up wheat prices on Tuesday morning, said market watchers.

CBOT brokers estimated that funds bought 5,400 contracts of wheat, 4,300 contracts of soybeans, and 3,200 contracts of corn.

The U.S. Department of Agriculture on Tuesday morning released its export inspections report for the week ending March 7, showing rises in wheat and soybeans.

U.S. soybeans also climbed notably amid large purchases recently from China, and rising hopes on trade talks.

Meanwhile, CBOT corn ended a four-session slide, posting more than one percent gains on Tuesday.