Chicago soybeans rose on fresh Chinese purchase

Chicago Board of Trade (CBOT) soybean futures closed higher on Wednesday, as governmental document reported new purchases by Chinese buyers.

The most active corn contract for March delivery went down 0.75 cent, or 0.2 percent to close at 3.8 dollars per bushel. March wheat delivery fell 1.25 cents, or 0.24 percent to close at 5.26 dollars per bushel. March soybean delivery was up 1.5 cents, or 0.16 percent to close at 9.2175 dollars per bushel.

The U.S. Department of Agriculture (USDA) on Wednesday confirmed fresh export sales of 586,000 metric tons of soybeans for delivery to China.

Traders are awaiting more crop data for trading, as USDA is scheduled to release a long list of crop forecasts and estimates on Friday after key reports were delayed due to the partial government shutdown.

CBOT corn futures went down after rising for three consecutive sessions, and wheat futures weakened on position squaring ahead of the USDA data on Friday.

As for weather forecast for agricultural crop, a very large storm stretching from the western U.S. state of Utah to the northeastern United States and from the Canadian border to southern Oklahoma is expected to bring snow, ice and strong winds, according to the National Weather Service.

(ASIA PACIFIC DAILY)