US soybean futures rise on anticipation of more sales to China

0 Comment(s)Print E-mail Xinhua, December 18, 2018
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Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday, with soybean futures rising as investor anticipated more purchases by China after world's top soy buyer last week booked many shipments from U.S. traders last week.

Private exporters reported to the U.S. Department of Agriculture sales of 1.43 million metric tons of soybeans for delivery to China last week.

"There's expectation that China will add more purchases going forward and that's been lifting the spirit of traders," said Virginia McGathey with McGathey Commodities.

Wheat futures climbed, supported by a weaker U.S. dollar and rising wheat prices in top exporter Russia. Corn prices were pressured by data showing a larger-than-expected net long position by commodity funds.

CBOT brokers report that funds on Monday have bought 2,300 contracts of wheat and 2,700 contracts of soybeans, while selling 3,000 soybeans.

At the end of the session, the most active corn contract for March delivery went down 0.75 cent, or 0.19 percent to close at 3.84 dollars per bushel. March wheat delivery added 5.25 cents, or 0.99 percent to close at 5.3525 dollars per bushel. January soybean delivery was up 4.25 cents, or 0.47 percent to close at 9.0475 dollars per bushel. 

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