CBOT soybeans close higher on technical buying

CHICAGO: Chicago Board of Trade soybean futures closed higher on Wednesday on technical buying and spillover strength from corn as a blizzard threatened to delay spring planting in portions of the western US Midwest, traders said.

Commodity funds hold a net short position in CBOT soybeans, corn and wheat, leaving the markets vulnerable to bouts of short-covering.

Optimism about US-China trade talks added support. US Treasury Secretary Steven Mnuchin said trade talks continue to make progress and the two sides have basically settled on a mechanism to police any agreement, including new enforcement offices.

CBOT May soybeans settled up 3-1/4 cents at $9.02 per bushel.

CBOT May soymeal ended up $1 at $310.10 per short ton while May soyoil rose 0.03 cent at 29.07 cents per pound.

Ahead of the USDA's weekly export sales report on Thursday, analysts expected the government to report US soybean export sales in the week to April 4 at 800,000 to 1,250,000 tonnes (old and new crop years combined).