CHICAGO, Feb. 13 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures closed higher for the ninth session in a row, supported by upbeat export outlook.
The most active soybean contract for March delivery rose 3.75 cents, or 0.42 percent, to settle at 8.9625 U.S. dollars per bushel on Thursday. March corn was down 3.5 cents, or 0.91 percent, to 3.795 dollars per bushel. March wheat was down 3.25 cents, or 0.59 percent, to 5.4425 dollars per bushel.
CBOT soybeans continued to post gains, boosted by hopes for more export sales, after U.S. Department of Agriculture raised 2019/20 soybean export estimates this week by 50 million bushels, partly reflecting increased imports for China.
CBOT soybean market got additional support as China continued to roll out measures to facilitate the resumption of production, including soybean crushers affected by the novel coronavirus (COVID-19) outbreak.
Oliver Sloup, vice president of Blue Line Futures, said that 9 dollars per bushel would be psychologically and technically significant if CBOT soybeans can achieve consecutive gains.
"I wouldn't be surprised to see an extension towards 9.15, 9.2 (dollars per bushel) here in the near future," he added.
Meanwhile, CBOT wheat and corn retreated on Thursday after sharp gains during the previous day.
Lower Russian, European wheat prices and a stronger dollar dragged down CBOT wheat futures, said market watchers. Enditem
