World Biz
U.S. soybeans higher over trade deal hopes, unfavorable weather
Last Updated: 2019-04-11 05:25 | Xinhua
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Chicago Board of Trade (CBOT) agricultural futures settled mixed on Wednesday, with soybeans rising over U.S.-China trade deal hopes and weather woes.

The most active soybean contract for May delivery was up 3.25 cents, or 0.36 percent to close at 9.02 U.S. dollars per bushel. May corn was up 1.75 cents, or 0.49 percent to settle at 3.6175 dollars per bushel. May wheat was down 1.5 cents, or 0.33 percent to close at 4.58 dollars per bushel.

CBOT futures were either down or flat in the past three straight sessions. Mild bargain buying helped push up their prices on Wednesday.

Optimism on the U.S.-China trade talks maintained a bullish factor to support CBOT soybeans, said market participants.

Additional support for the oil seed came from the latest supply and demand estimates report released on Tuesday by the U.S. Department of Agriculture (USDA), in which the U.S. ending soybean stocks were projected at 895 million bushels, down 5 million from last month's projection for the 2018/19 marketing year.

On Wednesday, a blizzard hit most parts of South Dakota and Nebraska, western Minnesota, and some other areas in the U.S. Midwest. Heavy snow, with strong wind, may disrupt field operations and lead to further delay of corn and soybean planting.

The blizzard could also damage wheat crops in the plains. But it failed to push up CBOT wheat prices amid ample U.S. and global stockpiles.

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