CBOT soybeans end modestly higher on strong exports, US crop worries

• The US Department of Agriculture reported export sales of US soybeans in the week to Oct. 10 at 1,601,000 tonnes.
• President Donald Trump said he thinks a US-China trade deal will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov.

CHICAGO: Chicago Board of Trade soybean futures settled modestly higher on Friday as uncertainty about the size of the US crop and strong weekly US export sales prompted technical buying and short-covering, traders said.

* CBOT November soybeans settled up 2-1/2 cents at $9.34 per bushel, staying inside of Thursday's trading range.

* However, for the week, the contract fell 2 cents a bushel or 0.2%, its first weekly decline in the last four weeks.

* CBOT December soymeal ended up $1.70 on Friday at $308.50 per shot ton while December soyoil fell 0.03 cent to settle at 30.36 cents per pound.

* The US Department of Agriculture reported export sales of US soybeans in the week to Oct. 10 at 1,601,000 tonnes, just above the top end of trade expectations ranging from 900,000 to 1,600,000 tonnes.

* Chinese importers have been busy booking fresh purchases of soybeans from Brazil this week, despite the White House announcement that China had agreed to buy up to $50 billion of US farm products annually during trade talks last week.

* President Donald Trump said he thinks a US-China trade deal will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17.

* CBOT soybean futures continue to draw support from uncertainty about the size of the US crop, particularly in light of recent snowfall in Minnesota and North Dakota.