CHICAGO, Jan. 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed higher on the first trading day of 2020, boosted by massive fund buying.
The most active corn contract for March delivery was up 3.75 cents, or 0.97 percent to settled at 3.915 dollars per bushel. March wheat was up 1.5 cents, or 0.27 percent to settle at 5.6025 dollars per bushel. March soybeans were up 0.75 cent, or 0.08 percent to close at 9.5625 dollars per bushel.
CBOT brokers estimated that funds on Thursday bought 6,200 contracts of corn, 5,000 contracts of wheat and 2,000 contracts of soybeans.
Additional inflows of new money will possibly be seen in the coming days, which will be price supportive, the Chicago-based AgResource company wrote in a commentary.
Market watchers said that positive developments in the U.S.-China trade talks continued to support CBOT crop futures amid hopes for more U.S. export sales.
Meanwhile, CBOT wheat futures firmed further on unfavorable weather conditions in wheat growing Australia and Ukraine. Enditem
