Chicago Board of Trade soyabean futures fell more than 1% on Friday on technical selling and hedge pressure because of an active US Midwest harvest, traders said. CBOT November soyabeans fell 13 cents to $9.20-1/4 per bushel, a two-week low. Selling accelerated as the contract broke through technical chart support at its 20-day moving average. November soyabeans were down 1.5% in the week, the contract's second straight weekly decline.
CBOT December soyameal ended $2.30 lower at $303.30 per short ton, while December soyaoil fell 0.38 cent to 30.96 cents per pound. Soyabean traders are monitoring talks between the United States and China. Trade officials are "close to finalizing" some parts of an agreement after high-level telephone discussions on Friday, the US Trade Representative's office said.
China offered to buy more US farm products in return for relief from existing and upcoming US tariffs, sources said. New US soyabean sales have been disappointing since Beijing offered crushers a quota of duty-free imports earlier this week. Generally favourable US harvest weather weighed on the market. Rains are expected in the eastern Midwest this weekend, but a dry pattern is forecast beyond that.
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