Chicago Board of Trade soyabean futures slipped on Friday on technical selling and amid concerns about competition for export business on the global market. CBOT March soyabeans closed the day down 3/4 cent at $9.10-1/4 per bushel. CBOT March soyameal fell 30 cents to $305.60 per short ton, while March soyaoil ended up 0.02 cent at 30.51 cents per pound.
The USDA said US soyabean export sales for the six weeks Feb. 22 totaled 6.910 million tonnes, toward the low end of analysts' forecasts for 6.1 million to 9.6 million tonnes.
The USDA separately projected that US soyabean exports would rise to 2.025 billion bushels in 2019/20, from 1.875 billion in 2018/19.
But the United States is facing competition for export sales from shippers in countries such as Argentina and Ukraine. Demand from China is uncertain because of the trade war between Washington and Beijing.
US President Donald Trump said on Friday that he expects to meet China's leader, Xi Jinping, soon and said they may nail down the final points of a trade deal.
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