Chicago Board of Trade (CBOT) soyabean futures rose on Wednesday for a fourth straight session and hit a 2-1/2-week high on hopes for renewed Chinese buying of US supplies following an easing of trade tensions. CBOT July soyabeans ended up 8-3/4 cents at $10.39-1/4 a bushel. The contract encountered chart resistance at its 50-day moving average and settled near the key technical level.
China's state grain stockpiler Sinograin returned this week to the US soyabean market for the first time since early April, two sources said. But traders were cautious as President Donald Trump signalled a new direction in US-China trade talks, saying that any possible deal needed "a different structure."
The Brazilian government will propose a reduction of a tax on diesel in a bid to end a nationwide truckers' protest against higher prices, which is disrupting economic activity including the transport of soyabeans.
Comments
Comments are closed for this article.