US soybean futures trim gains as investors take short positions
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E-mail Xinhua, May 16, 2019
Chicago Board of Trade (CBOT) soybean futures edged higher on Wednesday, as short-covering continued to support the soybean market.
However, closing prices of the oil seed are lower than their daily highs, as investors are taking short positions and heading toward exit doors.
The most active soybean contract for July delivery added 4 cents, or 0.48 percent to close at 8.355 dollars per bushel. July corn delivery was up 0.75 cent, or 0.2 percent to close at 3.695 dollars per bushel. July wheat delivery was up 0.25 cent, or 0.06 percent to close at 4.4875 dollars per bushel.
CBOT soybean futures firmed after big gains on Tuesday, as traders turned to short-covering and bargain buying.
At the same time, planting delays in the U.S. Midwest supported the crop prices. The U.S. Department of Agriculture on Monday reported that the planting pace for corn and soybeans was slower than expected amid widespread wet and cold weather.
CBOT corn futures hit a six-week high on Wednesday on forecasts for worrisome rains in the U.S. Midwest crop belt, analysts said.
Strength in corn and soybean prompted some short-covering in wheat futures.
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