CBOT soybeans continue to rise on U.S.-China trade optimism

0 Comment(s)Print E-mail Xinhua, December 6, 2018
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CHICAGO, Dec. 5 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures edged higher on Wednesday, posting gains in the fourth consecutive session amid optimism on U.S.-China trade talks.

The most active January 2019 soybeans were up 1.75 cents, or 0.19 percent to settle at 9.135 U.S. dollars per bushel. March corn was down 0.5 cent, or 0.13 percent to close at 3.8425 dollars per bushel. March wheat was down 4.5 cents, or 0.86 percent to settle at 5.18 dollars.

As China and the United States agreed to take measures to ease trade tensions, the U.S. soybean prices went up a total of 26.25 cents in the past four sessions.

"In 90 days, economic and trade teams of both sides will actively push forward the consultation following clear schedule and roadmap," said a spokesperson for China's Ministry of Commerce on Wednesday.

CBOT wheat futures closed lower amid reports about delay of shipments to Egypt, the world's top wheat buyer.

Egypt's state importer GASC is reportedly failing to open letters of credit on 945,000 metric tons of wheat, impacting deliveries from late November into late December and even January 2019.

The hiatus on accepting shipments is obviously a bearish factor for the U.S. and world wheat markets, said analysts with the Chicago-based agricultural research firm AgResource. Enditem

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