Chicago Board of Trade (CBOT) soyabean futures jumped more than 1 percent on Friday on technical buying and short-covering, and as poor weather in South American soya areas threatened crops in Brazil and Argentina, traders said. CBOT March soyabeans ended up 9 cents to $9.16-3/4 per bushel and held chart support at its 20- and 50-day moving averages. The contract's 0.7-percent weekly rise was just its second in six weeks.
CBOT March soyameal ended up $2.90 at $315.10 per short ton while March soyaoil rose 0.24 cent to 29.01 cents per pound. Renewed optimism about US-China trade negotiations lifted soyabeans after media reports about some positive developments in talks.
Traders are also watching for any soyabean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products. Chinese state-owned firms have booked an estimated 5 million tonnes since a 90-day trade war truce was reached on December 1. Concerns about lower soyabean yield prospects in South America due to adverse weather underpinned the market. Some analysts have cut their projections for crops in Brazil and Argentina.
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