Chicago Agriculture Commodities Traded Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities traded higher Tuesday on reports that Beijing and Washington pledged to continue trade talks.
Tuesday, Chinese President Xi Jinping said that China and the United States should maintain communication to try to find a way to properly solve their trade issue and achieve mutually beneficial and Win-Win results.
US President Donald Trump in a telephone conversation with Xi, also expressed his willingness to make concerted efforts with China to strengthen practical cooperation in various fields and properly handle the US-China trade issue.
White House spokeswoman Sarah Sanders told reporters during a regular news briefing Monday that the two sides will continue trade discussions next week in Washington.
CBOT Soybean, a Key agricultural product the United States exports to China, had dipped sharply in the past 2 sessions running over concerns on trade tensions. But news of coming talks between China and the United States next week obviously boosted the prices.
Bargain buying also supported the futures.
CBOT brokers reported that funds bought 3,400 contracts of Corn, 2,300 contracts of Soybean, while being flat in Wheat.
The most active Corn contract for July delivery rose 2.5c, or 0.62% to settle at 4.0325 bu.
July Wheat delivery went up 3c, or 0.59% to close at 5.145 bu.
July Soybean up 8.75c, or 0.87% to settle at 10.2025 bu.