Chicago Board of Trade (CBOT) soyabean futures ended nearly unchanged on Wednesday, as prices remained rangebound and the market anxiously awaited fresh developments on the US-China trade talks. CBOT March soyabeans settled the day down 1 cent at $9.16-1/2 per bushel.
CBOT March soyameal ended up 90 cents at $310.10 per short ton, while March soyaoil fell 0.34 cent to 29.99 cents per pound. Wednesday's price moves were very narrow, as traders waited to see if US-China trade talks would show the two sides moving to end their dispute.
Ahead of the National Oilseed Processors Association monthly crush report due Friday, analysts on average expected NOPA to report that its members crushed 169.575 million bushels of soyabeans in January. The US soyabean processing pace slowed slightly in January from the previous month, although the crush was still the largest on record for the first month of the year, according to analysts polled ahead of the report.
The US Department of Agriculture is due to release weekly export sales for the week ending Jan. 3 on Thursday morning. Net soyabean sales were expected to be between 600,000 and 1,000,000 tonnes, according to analysts surveyed ahead of the report.
BNSF Railway Co, which announced its 2019 capital investment plan of $3.57 billion on Wednesday, said the majority of its expansion projects are planned for the company's northern and southern transcontinental routes. BNSF's northern routes are known for carrying oilseeds and grains to the Pacific-Northwest ports, for exporting US crops to China.
While the commodity grain markets did not necessarily move on South American weather, traders said they are keeping a close eye on conditions in Argentina. World Weather Inc said Wednesday that drying in southwestern Argentina is expected to expand, and "is going to induce rising crop stress and some production concerns for late season crops."
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