Chicago Board of Trade soyameal futures closed firm on Friday due to strong export demand. Gains were limited by abundant supplies following a bumper US harvest and easing concerns about weather limiting production in Argentina.
Soyaoil futures ended slightly higher while soyameal dropped after failing to hold support above key technical benchmarks. The US Agriculture Department reported the sale of 257,000 tonnes of soyabeans to China and 126,000 tonnes of soyabeans to unknown destinations.
Private analytics firm raised its forecast for 2018 US soyabean plantings to a record 91.387 million acres. It also boosted its estimate of the 2017 soyabean yield to 49.7 bushels per acre, above the government's latest estimate. For the week, the most-active soyabean futures contract fell 2.2 percent.
Soyameal futures dropped 3.3 percent this week, breaking a string of six straight weekly gains. Soyaoil futures were down 1.2 percent this week, their fifth straight weekly decline.
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