Chicago Board of Trade (CBOT) soyabean futures ended higher on positioning on Thursday after dropping to their lowest price since November, traders said. CBOT May soyabeans settled 1-1/2 cents higher at $8.80-1/2 per bushel. The contract set its lowest price since Nov. 1, 2018. Short covering and position squaring ahead of the three-day weekend supported prices, traders said. The CBOT grain market will be closed on Friday for Good Friday.
The USDA reported export sales of US soyabeans in the week ended April 11 were 403,200 tonnes, toward the low end of a range of trade expectations. The USDA reported combined-year soyameal export sales at 298,200 tonnes and soyaoil sales at 26,000 tonnes. CBOT May soyameal ended down $0.70 at $303.20 per short ton while May soyaoil rose 0.34 cent to 28.80 cents per pound.
Traders are still watching for signs of progress in talks to resolve the trade war between Washington and Beijing because China is the world's largest export market for US soya. There has been new progress in negotiating the text of a Sino-US trade deal, but work remains to be done, China's commerce ministry spokesman said. An agreement could boost shipments of US soya to China, after the trade war slashed American farm exports last year.
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