CBOT wheat retreats over export data, profit taking
CHICAGO, Dec. 2 (Xinhua) -- Chicago Board of Trade (CBOT) wheat futures settled lower on Monday, amid downbeat export inspection data and profit taking after sharp gains during the previous session.
The most active wheat contract for March delivery was down 6.5 cents, or 1.2 percent to settle at 5.3525 dollars per bushel. January soybeans fell 6.25 cents, or 0.71 percent to 8.705 dollars per bushel, while March corn edged up 0.75 cent, or 0.2 percent to 3.82 dollars per bushel.
The U.S. Department of Agriculture (USDA) on Monday morning released its latest report on export inspections. For the week ending Nov. 28, U.S. wheat inspections reached only 246,988 metric tons, down sharply from 434,703 metric tons during the previous seven days.
Last Friday, CBOT wheat settled 2.85 percent higher. Profit taking on Monday also dragged down the grain prices, said market analysts.
In the same USDA weekly report, U.S. corn inspected or weighed for export was pegged at 428,856 metric tons, down from 615,968 in the previous week, while soybean inspections were reported at 1,547,507 metric tons, compared to 1,951,870 metric tons in last period.
Yet corn futures found support from recent snowfall in the U.S. corn belt, which may further delay the harvest.
CBOT soybeans, amid lack of any breakthrough concerning the U.S.-China trade talks, extended losses for the eighth session in a row.