US soybean futures edge higher on expectations of fresh Chinese purchases
Published: Feb 06, 2020 12:16 PM

File photo: Xinhua

Chicago Board of Trade (CBOT) agricultural futures settled mixed on Wednesday, with soybean futures rising slightly on expectation of fresh Chinese purchases.

The most active corn contract for March delivery decreased 1.5 cents, or 0.39 percent, to settle at 3.8075 US dollars per bushel. March wheat rose 4.75 cents, or 0.85 percent, to settle at 5.62 dollars per bushel. March soybeans added 0.5 cent, or 0.06 percent, to settle at 8.8 dollars per bushel.

Investors turned to technical buying on soybeans as they expect fresh purchases from top buyer China.

China will actively use imports to increase the supply of meat and other farm produce in the domestic market, said a circular unveiled by Chinese Ministry of Commerce on Tuesday.

CBOT wheat futures rose on spillover effect from soybeans, while corn futures fell on technical selling as uncertainty about export demand hung over the market.