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Chicago Board of Trade soyabean futures rebounded on Thursday as shorts took cover and federal officials predicted US farmers would plant fewer soyabean acres than expected this spring. Thursday's technical bounce in wheat also helped soyabean and corn futures gain ground.
CBOT March soyabeans settled the day up 8-1/2 cents, at $9.11 per bushel. CBOT March soyameal ended up 70 cents at $305.90 per short ton, while March soyaoil ended up 0.53 cent at 30.49 cents per pound. Benchmark CBOT March soyabean contract found support at the low end of the 20-day Bollinger range overnight.
US farmers will plant 85.0 million soyabean acres this spring, down from 89.2 million a year earlier, the US Department of Agriculture projected on Thursday. A Reuters poll of analysts estimated soyabean seedings would drop to 86.1 million acres.
Argentina's soya crop is in mostly good condition with recent hot, dry weather helping to stabilize flooded areas, keeping the country on track for a 53-million-tonne harvest, the Buenos Aires Grains Exchange said on Thursday. The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war, according to sources familiar with the negotiations.
US soyabean crushing in December likely totaled 5.476 million short tons, or 182.5 million bushels, according to the average forecast of seven analysts surveyed by Reuters ahead of a US Department of Agriculture report on Friday.

Copyright Reuters, 2019

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