Better-than-expected export sales boost CBOT agricultural futures

Better-than-expected export sales boost CBOT agricultural futures

CHICAGO  (Rahnuma)   Chicago Board of Trade (CBOT) agricultural futures settled higher across the board on Friday, after official data indicated better-than-expected weekly export sales.

The U.S. Department of Agriculture (USDA) released Friday morning its latest export sales report for the period of November 23-29, showing 89 percent increase in wheat exports from the previous week. The weekly wheat sales of 711,800 metric tones were also 58 percent higher from the prior four-week average.

The USDA reported a total of 890,900 metric tons of soybean sales in the same period, up 42 percent from the previous week and 87 percent from the prior four-week average. Most of the increases were reported for Argentina, Indonesia, Spain and the Netherlands.

Although the U.S. corn exports were down 7 percent from the previous week to 1,177,500 metric tons, but the sales were still up 26 percent from the prior four-week average.

Good export performance drove up all the futures. The most active January 2019 soybeans were up 7.25 cents, or 0.8 percent to settle at 9.1675 dollars per bushel. March corn was up 2.75 cents, or 0.72 percent to close at 3.855 dollars per bushel. March wheat was up 15.75 cents, or 3.06 percent to settle at 5.3125 dollars.

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