US soyabean futures firmed on chart-based buying, ending higher for the fifth straight session as the market recovered from a 10-year low, traders said. August soyabeans futures rose 3-3/4 cents to $8.49-3/4 a bushel at the Chicago Board of Trade. November soyabean futures, which represent the US crop that will be harvested this autumn, edged up 3-1/4 cents to $8.64-3/4 a bushel. This most-active contract traded to its highest price since July 10 and ended up about 3.8 percent on the week.
Prices advanced even though concerns about the US-China trade war continued to hang over the market. China is the world's biggest soyabean buyer. The gains showed that traders may have already priced in expectations for the trade war to be a "long drawn out thing," said Ted Seifried, chief ag market strategist for broker Zaner Group in Chicago. In the near-term, weather for the US soya crop is expected to be mostly mild, traders said. This could weigh on the market next week, they said.
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