CHICAGO, April 8 (Xinhua) -- Soybean futures in Chicago Board of Trade hit 2-month high on Wednesday as investors anticipate the export sales to China will be strong. Corn ended slightly higher and wheat declined.
Corn future for May delivery gained 0.75 cent, closing at 3.97 U. S. dollars a bushel. May soybean rallied 16.5 cents to 10.06 dollars per bushel, touching as high as 10.11 dollars per bushel for the session, the highest level since Feb. 9. May wheat was down 7.75 cents, settled on 5.32 dollars per bushel.
Traders said that outside markets were supportive to soybean and the trade was mostly evening up ahead of Thursday's U.S. Department of Agriculture Supply and Demand reports which will be followed by a three day weekend. The average ending stocks guess for the USDA report for soybeans is 169 million bushels versus 185 million in March with the trade guesses ranging from 101 to 185 million bushels.
The USDA announced a sale of 110,000 tones of soybeans to China, which was considered to be bullish to soy. Much of the Chinese soybean belt is dry as planting season approaches with warm temperatures and little rain forecast for the next week or longer.
Weather in Midwest corn belt continued to be a key factor affecting corn over the next couple of weeks as the cool and wet forecasts will slow corn planting progress.