Chicago Board of Trade soyabean futures closed lower on Friday on ample US supplies, prospects for big South American harvests and worries about demand from China given ongoing trade negotiations and the spread of a deadly hog disease.
CBOT July soyabeans settled down 5-3/4 cents at $8.67 per bushel. For the week, the contract fell 27-1/4 cents a bushel or 3%, its third straight weekly decline. CBOT July soyameal ended down $5.90 at $303.70 per short ton and July soyaoil fell 0.10 cent at 27.84 cents per pound. Contract lows were set in several soyameal contracts and in soyaoil futures across the board.
Brazil's 2018/19 soyabean crop is poised to be the second largest on record, a Reuters poll showed. Trade awaits updates on US trade talks with top global soya buyer China. US President Donald Trump said on Thursday he would soon host Chinese leader Xi Jinping at the White House, setting the stage for a possible agreement on trade between the world's two largest economies.
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