Chicago Board of Trade (CBOT) soyabean futures ended higher on Friday, reversing course after falling to a two-month low as investors held onto hopes for an eagerly awaited US-China trade deal. CBOT May soyabeans ended up 1-1/4 cents at $9.11-1/2 per bushel. The most-active contract posted a weekly increase of almost 0.14 percent.
CBOT May soyameal was up $1.40 at $307.4 per short ton, while May soyaoil ended down 0.01 cent at 30.24 cents per pound. Worries about export competition capped gains. The Brazil 2018/2019 soyabean harvest was estimated at 113.027 million tonnes in March versus 112.195 million tonnes in February, INTL FCStone said Friday.
Brazil's soyabean exports are expected to fall in March, according to market participants and shipping data. The US Department of Agriculture reported on Friday the US January soyabean crush at 182.8 million bushels. Bloomberg reported on Thursday afternoon that a summit between US President Donald Trump and his Chinese counterpart Xi Jinping to sign a final trade deal could happen as soon as mid-March.
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