Chicago Board of Trade soyabean futures eased on Wednesday on good US crop weather and disappointment over the volume of soyabeans purchased by Chinese importers in a recent wave of buying, traders said. CBOT November soyabeans settled down 5 cents at $8.88-3/4 per bushel. The contract held chart support at its 50- and 100-day moving averages. CBOT December soyameal ended down $2.40 at $295.40 per short ton and December soyaoil added 0.01 cent to settle at 30.00 cents per pound.
Forecasts for above-normal temperatures across much of the US Midwest for the next two weeks lessened fears that some crops could get hit by yield-damaging frost. The US Department of Agriculture (USDA) did not report any new soyabean sales to China on Wednesday following three straight days of sales announcements. Sales confirmations totaling 720,000 tonnes were below some traders' expectations.
China has slashed US soya purchases since their trade war began last year. US and Chinese deputy trade negotiators are expected to meet later this week, with senior negotiators likely to meet about a week and a half later. The US Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts surveyed by Reuters expect soyabean sales last week to be down from the prior week's robust pace.
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