Chicago Futures: CBOT soybean futures closed higher, helped by optimism about demand and USDA report

Chicago Board of Trade (CBOT) soybean futures closed higher on Friday. Traders said that the USDA lowered its estimate of harvested area and optimism about exports.

The CBOT November soybean contract settlement price rose 16 cents to $12.86-1/2 per bushel. The December soybean meal contract rose 4.6 US dollars to 342.50 US dollars per short ton, and the December soybean oil contract fell 0.2 cents to 55.99 US cents per pound.

This week, the most actively traded soybean contract fell 5-1/2 cents, or 0.43%.

Corn futures rose slightly, and the US Department of Agriculture reported an increase in corn production, in line with analyst expectations.

The settlement price of the December corn contract rose by 7-1/2 cents to US$5.17-1/2 per bushel, and fell to the lowest level since January 25, which was US$4.97-1/2.

This week, the most actively traded corn contract fell 6-1/2 cents, or 1.24%. 

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