CHICAGO: US soybean futures hit a near two-week high on Wednesday, amid South American weather worries and questions about declining yield prospects in Brazil, traders said.
* Chicago Board of Trade March contract settled up 12 cents at $9.07 a bushel.
* CBOT March soymeal rose $5.00 to $314.90 per short ton and March soyoil rose 0.33 cent to 28.18 cents per pound.
* Traders and analysts cited dry conditions in crop areas of central Brazil, which has South American farmers predicting that their soybean yields will be impacted - but the overall crop is still expected to be large.
* Excessive rains in parts of Argentina also lent support to both CBOT soybean and wheat futures, analysts said. The moisture, coupled with forecasts for more rains in the next 10 days, could prompt a downgrade in the size or quality of Argentina's wheat crop.
* "It's also a new year, with new money coming into the market," one trader said. "We're still seeing some impact from the president's talk about progress on a trade deal with China, so right now, it's kind of scary to sell soybeans ahead of that meeting."
* US President Donald Trump on Wednesday sounded upbeat about negotiations to end a trade war with China, saying talks are coming along very well.
* Soybean spot basis bids firmed at two Indiana processors and were mostly unchanged elsewhere as dealers continued rolling bids to Chicago Board of Trade March soybean futures from the January contract.
* Brazil exported 4.23 million tonnes of soybeans in December, versus 2.36 million tonnes for the same period in 2017, according to Brazil's Trade Ministry.
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