CHICAGO: Chicago Board of Trade (CBOT) soybean futures rebounded from a one-week low on Friday on technical buying and concerns about crop prospects in South America.
* Hopes for a thaw in US-China trade relations underpinned prices as US officials said Beijing's top trade negotiator could visit Washington this month for high-level talks.
* CBOT March soybeans ended up 3-1/2 cents at $9.10-1/4 per bushel, but the contract was down 1.2 percent in the week. It was the fourth weekly decline in five weeks.
* Benchmark March soybeans rose through 40- and 20-day moving averages before running into resistance at the 10-day moving average.
* CBOT March soymeal ended down $2.20 at $314.60 per short ton while March soyoil rose 0.22 cent to 28.41 cents per pound.
* Traders are watching for any renewed soybean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
* Hot, dry weather in parts of Brazil and excessive rains in Argentina have dented South American soy crop prospects. Forecasters expect the pattern to remain for the next week.
* The CBOT reported 473 January soybean deliveries. January soymeal deliveries totaled 167 contracts and January soyoil deliveries totaled 40 contracts.
* The US Department of Agriculture would have normally published a fresh crop forecast on Friday but updates have been postponed indefinitely due to the government shutdown.
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