Chicago Board of Trade soyabean futures closed modestly higher on Friday as light technical buying and strength in corn and wheat offset pressure from expectations of large South American soya harvests, traders said. CBOT March soyabeans settled up 1 cent at $8.82 a bushel.
For the week, the contract rose 9-1/4 cents a bushel or 1.1%, halting a three-week decline. CBOT March soyameal ended up $1.10 at $289.30 per short ton while March soyaoil fell 0.27 cent at 30.97 cents per pound.
The harvest of Brazil's 2019/20 soyabean crop was 15.7% complete as of Friday, compared with 27.3% a year earlier, ARC Mercosul said. Recent rains have hindered the harvest pace in some areas, the firm said.
Chinese President Xi Jinping told US President Donald Trump that China would still meet its Phase 1 trade deal purchasing targets despite delays linked to the coronavirus outbreak, White House adviser Larry Kudlow told Bloomberg Television.
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