CHICAGO, July 19 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures led an across-the-board rally on Friday, as extreme heat wave started to hit the U.S. Midwest and news about U.S.-China consultations boosted hopes among traders for export outlook with the world's top soybean buyer.
The most active corn contract for December delivery was up 6 cents, or 1.4 percent to 4.3575 U.S. dollars per bushel. September wheat was up 9 cents, or 1.82 percent to 5.025 dollars per bushel. November soybeans were up 20.25 cents, or 2.25 percent to 9.1925 dollars per bushel.
After sporadic thunder storms in upper Midwest on Thursday, many grain belt states now brace for another round of summer heat wave through this weekend. Temperature are expected to rise above 40 degrees Celsius in some locations, which could stress and even damage the late-planted soybean and corn crops there, said experts.
Chinese and U.S. chief trade negotiators held a telephone conversation on Thursday. Market participants are closely following consultations between the two countries, as China used to import large quantity of soybeans from the United States.
CBOT brokers reported that funds on Friday bought 2,000 contracts of wheat, 3,000 contracts of corn and 7,000 contracts of soybeans. The massive buying led to surge of soybeans, and boosted corn, wheat futures as well. Enditem
