Chicago soybean futures end lower on profit taking

Source: Xinhua| 2019-04-06 05:30:47|Editor: huaxia
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CHICAGO, April 5 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures closed lower on Friday, as uncertainty about the timing and details of a potential trade deal with China caused investors to lock in some profits from recent gains.

The most active corn contract for May delivery went down 2.75 cents, or 0.75 percent to close at 3.625 dollars per bushel. May wheat delivery was down 3 cents, or 0.64 percent to close at 4.6775 dollars per bushel. May soybean delivery was down 7.5 cents, or 0.83 percent to close at 8.99 dollars per bushel.

China has been the world's top soybean buyer. Any positive development concerning the trade talks between the two sides will boost U.S. soybean prices.

The U.S. Agriculture Department on Thursday said weekly soybean export sales totaled 1.992 million metric tons, topping a range of trade forecasts.

The report showed soybean export sales to China in the week were 1.7 million metric tons, up from zero the previous week.

Weekend profit-taking also weighed on the corn and wheat markets. The drop in corn futures was kept in check by expectations that U.S. growers will face planting delays this spring.

As for weather forecast for agricultural crop, a dense fog advisory is in effect on Friday morning from South Dakota state south into east Texas state, according to the National Weather Service. Enditem

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