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US soyabean futures firmed for the fifth time in six sessions on Friday on solid weekly export sales data and short-covering ahead of the weekend as the market waited for signs that China may soon resume purchases from the United States. Corn also advanced and wheat climbed to a 5-1/2 week high on stronger-than-expected export sales, with additional support stemming from a weakening US dollar.
Grain markets, overall, remain underpinned by hopes that China will soon make large purchases of US agricultural goods following a trade truce between Washington and Beijing last weekend. Expectations for large-scale buying, which the White House said China agreed to, has limited selling interest for much of this week.
Weekly US Department of Agriculture export sales data released on Friday showed sales last week of corn, soyabeans and wheat near the high end of trade estimates or above expectations. The agency also confirmed 224,000 tonnes in additional US wheat sales to undisclosed buyers via USDA's daily export sales reporting system.
Chicago Board of Trade January soyabeans rose 6-1/2 cents to $9.16 a bushel by 11:22 a.m. CST (1722 GMT), on pace for a weekly gain topping 2 percent, the contract's steepest weekly gain in six weeks. CBOT March wheat added 15-1/4 cents to $5.30-3/4 a bushel, touching its highest point since Oct. 29. The contract was up nearly 3 percent on the week, which would be its largest rally in four months.
CBOT March corn was up 2-1/4 cents at $3.85 a bushel, poised for a second straight weekly gain of around 2 percent. Traders continue to monitor news about the arrest of smartphone maker Huawei Technologies' Chief Financial Officer Meng Wanzhou, which some fear could harm relations between the United States and China.

Copyright Reuters, 2018

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