Chicago Agriculture Commodities Finished Higher
$SOY, $WEAT, $CORN
Chicago Board of Trade (CBOT) agriculture commodities finished higher Wednesday reversing a sharp downturn in the prior session on escalating trade tensions.
The most active Soybean contract for July delivery rose 0.5c, or 0.06% to settle at 8.895 bu.
July Corn also went up 0.5c, or 0.14% to close at 3.5425 bu.
July Wheat was up 10.5c, or 2.20% to settle at 4.8825 bu.
Trade tensions between the world’s 2 largest economies prompted massive selling Tuesday. CBOT brokers reported that funds sold 12,000 contracts of Soybeans, 7,000 contracts of Wheat and 17,000 contracts of Corn.
In comparison, funds on Wednesday sold 4,500 contracts of soybeans, 3,000 contracts of wheat and 6,700 contracts of Corn.
CBOT soybean and corn futures once saw a slight recovery of 0.5c each, while Wheat rebounded more than 2% following a 5-session fall.
An agricultural advisory and research firm based in Chicago, said in a comment that although CBOT futures have been oversold, but few want to chase rallies until there is a sign that the US officials will sit down again with their Chinese counterparts at the negotiating table.