Chicago Board of Trade soyabean futures ended higher on technical buying on Wednesday in a recovery from six-week lows reached earlier in the session, traders said. CBOT November soyabeans ended up 5-1/2 cents at $8.39 a bushel. The front month contract turned higher after hitting its lowest price since September 20.
CBOT December soyameal ended up $1.30 at $306.40 per ton, and December soyaoil rose 0.02 cent to 28.02 cents per pound. Month-end positioning helped lift soya futures, traders said. Uncertainty about soya exports continued to hang over the market, as China, the world's top importer of the oilseed, has nearly halted purchases from the United States due to the trade war between Washington and Beijing.
Soren Schroder, chief executive officer of global grain merchant Bunge Ltd, said he expected a small cut in China's year-on-year soya imports due to the trade dispute. China also may not need to revert to buying US soyabeans before the next South American crop is available, Schroder said.
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