Chicago Board of Trade (CBOT) soyabean futures edged higher on Monday on renewed hopes of progress in US-China trade talks and spillover support from rising soyaoil prices, which rallied along with the crude oil market, traders said.
CBOT November soyabeans were 1-1/2 cents higher at $9.25-3/4 per bushel while January soyabeans, the most actively traded contract, closed up 1-1/4 cents at $9.38 a bushel.
CBOT December soyameal ended down $1.50 at $302.40 per short ton, while December soyaoil jumped 0.84 cent to settle at 31.87 cents per pound.
Commodity brokerage INTL FCStone trimmed its projection for the average 2019 US soyabean yield on Friday.
Late-season rain and snow in some areas has raised concerns about soya crop size and quality, which has underpinned prices.
Only light, scattered rain is expected across the US farm belt this week, followed by drier conditions that should help farmers catch up on delayed harvesting.
Analysts polled by Reuters expect that 75% of US soyabeans were harvested as of Sunday. Weekly US Department of Agriculture (USDA) crop progress data is due out later on Monday.
Brazilian soyabean growers have planted 46% of the estimated area in the 2019/2020 crop, which they started sowing around September, below the level of 60% seen last year, agribusiness consultancy AgRural said on Monday, citing scarce rains.
US-China trade talks are progressing well and the United States aims to sign an initial deal this month, top Trump administration officials said on Friday, offering reassurance to global markets after nearly 16 months of tit-for-tat tariffs.
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