BUSINESS Soybean futures extend gains on trade optimism


Soybean futures extend gains on trade optimism


09:45, September 14, 2019

CHICAGO, Sept. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled mixed on Friday, with soybeans rising on optimism over U.S.-China trade talks.

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Soybeans being sorted according to their weight and density on a gravity sorter machine at Peterson Farms Seed facility in Fargo, North Dakota, US, Dec. 6, 2017. (File photo: Xinhua/REUTERS)

The most active wheat contract for December delivery was down 0.25 cent, or 0.05 percent, to settle at 4.835 U.S. dollars per bushel. December corn was up 1.5 cents, or 0.41 percent, to 3.6875 dollars per bushel. November soybeans were up 3.25 cents, or 0.36 percent, to 8.9875 dollars per bushel.

CBOT soybean futures rose on follow-through buying, as the latest development on U.S.-China trade scenario supported the market.

China's Customs Tariff Commission of the State Council will exclude some agricultural products such as soybeans and pork from the additional tariffs on U.S. goods, official sources said Friday.

China supports domestic companies in purchasing a certain amount of U.S. farm produce in line with the rules of the market and the World Trade Organization, according to sources with the National Development and Reform Commission and the Ministry of Commerce.

The trade news largely overshadowed fresh crop forecasts from the U.S. Department of Agriculture on Thursday, which projected corn and soybean harvests in the United States above trade expectations.

CBOT wheat futures went down on technical selling and profit taking, while corn futures gained on spillover support from higher soybeans.

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