US soybeans settle higher amid market fluctuation
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E-mail Xinhua, March 2, 2019
Chicago Board of Trade (CBOT) soybean futures closed moderately higher on Friday, recovering from early losses in the morning.
CBOT crop futures, including soybeans, have seen a bearish week for most of the trading days.
AgResource, a Chicago-based agricultural research firm, wrote in a Friday morning commentary that surprisingly CBOT futures were not stronger relative to the optimism from the administration regarding U.S.-China trade progress.
The ups and downs of the U.S.-China trade disputes frustrated traders and producers, which is leading to market apathy and disbelief, said the commentary.
CBOT soybean and corn futures, which suffered losses during the morning trading, reversed the downturn toward the end of the session, and managed to settle in the positive territory.
"This wild volatility will continue if we don't get any kind of real action coming out of this deal and get things rolling," said Virginia McGathey, a market analyst with McGathey Commodities.
At the end of the session, the most active soybean contract for May delivery was up 1.25 cents, or 0.14 percent to close at US$9.115 per bushel. May corn was up 2.25 cents, or 0.61 percent, to settle at US$3.73 per bushel. May wheat went down 2.25 cents, or 0.49 percent, to close at US$4.5725 per bushel.
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