Chicago soybeans close higher on trade optimism, crop planting delays

Source: Xinhua| 2019-04-16 05:56:10|Editor: huaxia
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CHICAGO, April 15 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures closed higher on Monday, as the oil seeds were boosted by optimism over trade talks between the United States and China, and worries about U.S. planting delays.

The most active soybean contract for May delivery went up 3.5 cents, or 0.39 percent to close at 8.9875 U.S. dollars per bushel. July corn delivery added 2 cents, or 0.54 percent to close at 3.715 dollars per bushel.

May wheat delivery was down 5 cents, or 1.08 percent to close at 4.595 dollars per bushel.

Soybean futures went up on technical buying and optimism about progress in U.S. trade talks with top global soy buyer China. Fresh export business lends support.

The U.S. Department of Agriculture on Monday reported private exporters sold 140,000 metric tons of U.S. soybeans to unknown destinations for delivery in the 2018/19 marketing year.

Delays of farmers' spring plantings is a worry for soybean and corn, as floods already hit parts of Nebraska, Iowa and Missouri this year, and yields can decline if crops are planted too late.

CBOT wheat futures edged down on technical selling against a backdrop of ample U.S. and global supplies.

As for weather forecast for agricultural crop, a freeze advisory is in effect for parts of eastern Missouri, southern Illinois, and southern Indiana, according to the National Weather Service. Enditem