Chicago Board of Trade soyabean futures touched a three-week high on Friday after Washington and Beijing announced a "phase one" trade deal, but the market pared gains as traders awaited details about Chinese agricultural purchases.
China has agreed to buy $32 billion of additional US farm products over two years as part of a "phase one" trade pact, US Trade Representative Robert Lighthizer told reporters, adding the deal would be signed the first week of January.
Lighthizer said there would be specific targets for Chinese purchases of specific products, but those would not be made public to avoid distorting markets. CBOT January soyabeans settled up 9-1/4 cents at $9.07-1/2 per bushel, after reaching $9.17, the contract's highest since November 19.
CBOT January soyameal ended up $2.70 at $296.90 per short ton and January soyaoil ended up 0.37 cent at 32.60 cents per pound. CBOT December soyameal and soyaoil contracts expired on Friday. Ahead of the National Oilseed Processors Association's monthly crush report on Monday, analysts surveyed by Reuters on average expected the group to report that its members crushed 172 million bushels of soyabeans in November.
Argentine soya crushing giant Vicentin has halted most of its operations as the company battles to restructure its debt after defaulting earlier this month, three industry sources with direct knowledge of the situation told Reuters.
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