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Chicago Soybeans Rebound Over 10 USD Benchmark-Oct 13
 

Chicago Board of Trade (CBOT) grains futures closed higher on Friday with soybeans climbing above the 10-dollar-per-bushel benchmark after more than two months.

The most active corn contract for December delivery rose 3.75 cents, or 1.07 percent, to 3.5275 dollars per bushel. December wheat delivery went up 9 cents, or 2.09 percent, to 4.395 dollars per bushel. November soybeans was up 8.25 cents,or 0.83 percent, to 10.0025 dollars per bushel.

CBOT floor brokers reported that funds on Friday bought some 7,000 contracts of soybeans, 6,000 contracts of corn, and 3,000 contracts of wheat. The massive buying undoubtedly pushed up futures prices.

On Thursday, the U.S. Department of Agriculture (USDA) released its latest supply and demand report, indicating that ending stocks of U.S. soybeans were less than the previous month, while the increase of corn stocks was smaller than widely expected.

The report attracted more funds into the market, which was further boosted by a newly released weekly export report.

The U.S. agricultural commodities exports data for the week ending October 5 showed that U.S. soybean and corn sales were over trade estimates.

Even the wheat, under pressure from high ending stocks and poor export sales, rebounded sharply due to bargain buying.


(www.chinaview.cn 2017-10-16)
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