CBOT soybeans rise for second straight session on trade optimism
Date: 2018-12-21

CBOT soybeans rise for second straight session on trade optimism 

Chicago Board of Trade (CBOT) soybean futures ended higher for a second straight session on Tuesday, as traders anticipated China will buy more from U.S. inventories.

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. Inspections of soybeans for overseas delivery were higher week to week, according to the U.S. government.

Investors are hoping to see more purchases from China, as leaders of China and the United States agreed to continue the trade talks between the two countries.

CBOT corn futures followed soybeans' rise, while wheat futures fell as investors turned to profit taking strategy after gaining about one percent a day earlier.

CBOT brokers reported that funds on Tuesday bought 2,200 contracts of soybeans and 3,000 contracts of corn, while selling 2,400 contracts of wheat.

At the end of the session, the most active corn contract for March delivery went up 1.5 cents, or 0.39 percent to close at 3.855 dollars per bushel. March wheat delivery lost 2.5 cents, or 0.47 percent to close at 5.3275 dollars per bushel. January soybean delivery was up 3 cents, or 0.33 percent to close at 9.0775 dollars per bushel.

KEY WORDS:soybeans