Chicago Board of Trade soyabean futures declined on Wednesday for a second straight session on uncertainty about prospects for a US trade deal with China, the world's largest soyabean importer, traders said. There have been no signs of fresh export activity with China since it announced on Feb. 22 it would buy around 10 million tonnes of US soyabeans.
CBOT May soyabeans settled down 11-3/4 cents at $9.02 per bushel but held above psychological support at the $9 mark. CBOT May soyameal ended down $3.90 at $306.10 per short ton and May soyaoil fell 0.24 cent at 29.78 cents per pound, after dipping to 29.74, the contract's lowest since January 24.
China's top grain-producing region plans to increase subsidies for corn growers and will keep soyabean subsidies at high levels for a second year running, official media reported. Brazil's transport infrastructure agency DNIT said a stretch of the BR-163 highway, a key artery connecting the country's crop belt to northern ports, was "unnavigable" and would be closed at least until Friday.
Ahead of Thursday's US Department of Agriculture weekly export sales report, traders expected the government to report weekly US soyabean sales at 600,000 to 1,150,000 tonnes.
There were 537 deliveries against CBOT March soyabean futures , 388 deliveries against CBOT March soyameal and 88 deliveries against CBOT March soyaoil.