Chicago Board of Trade (CBOT) soyabean futures weakened on Thursday, turning lower after hitting a one-week high on uncertainty about a potential trade deal with China, the world's biggest buyer of the oilseed. The benchmark CBOT May soyabean futures contract peaked at $9.06-1/4 a bushel but failed to hold support above its 10-day moving average. Soyaoil futures also closed lower, with the May contract falling below its 50- and 200-day moving averages.
Soyameal futures ended in positive territory but closed well below their session peak after the May contract hit resistance at its 20-day moving average. President Donald Trump said on Thursday the United States was doing very well in trade talks with China, but that he could not say whether a final deal would be reached.
The US Department of Agriculture early on Thursday said that weekly export sales of soyabeans totaled 1.915 million tonnes, within forecasts that ranged from 1.2 million to 2.05 million tonnes. Soyameal export sales were 226,100 tonnes compared with market forecasts that ranged from 50,000 to 300,000 tonnes.
Comments
Comments are closed.