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The Chicago Board of Trade (CBOT) agricultural futures closed Tuesday with optimism about US-China trade negotiations and upbeat export data.
The most active soybean contract for the March delivery rose 12.5 cents, or 1.38%, to $ 9,175. Corn in March increased 5.5 cents, or 1.48%, to close at $ 3.7825 a bushel. March wheat increased 1.75 cents, or 0.34%, to $ 5.20 a bushel.
A new round of high-level trade talks between the United States and China will be held in Beijing later this week. Market participants are closely following the talks, hoping for progress that they believe will help increase soybean sales in China.
Purchases after a 1% drop in the previous session also contributed to soybean recovery on Tuesday, badysts said.
The US Department of Agriculture (USAD) confirmed Tuesday the export sales of 122,376 tonnes of corn to be delivered to unknown destinations during the 2018/2019 campaign, which boosted CBOT maize futures.
The USDA export sales report that large quantities of hard red winter wheat to be delivered in Nigeria and Egypt continued to drive up wheat prices.
At the same time, the weakening of the US dollar was another upside factor, which would make US commodities more competitive.
<! – enpproperty
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