Chicago Board of Trade soyabean futures closed firmer on Monday on hopes for progress in US trade talks with China, the world's biggest buyer of the oilseed, traders said. CBOT May soyabeans settled 3-1/2 cents higher at $8.98-3/4 per bushel.
US-China trade negotiations are making a lot of progress but there is a more work to do, Treasury Secretary Steven Mnuchin said on the Fox Business Network. US negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions.
The US Department of Agriculture said private exporters sold 140,000 tonnes of US soyabeans to unknown destinations for delivery in the 2018/19 marketing year that began September 1, 2018.
CBOT May soyameal ended up $3.10 at $311.00 per short ton while May soyaoil fell 0.14 cent at 28.81 cents per pound.
The US soyabean crush increased by more than expected in March to the second-largest on record for the month, according to National Oilseed Processors Association (NOPA) data.
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