Chicago Board of Trade soyabean futures rose on Wednesday after Argentina suspended registrations for agricultural product exports, which could hinder shipments from the major soya supplier and potentially benefit US soya exports, traders said.
The move by Argentina's agriculture ministry was seen as the latest step toward raising export duties. US soyabean and soyameal exports could rise if Argentine duties are increased.
Gains in soya were limited by concerns that the spread of coronavirus in China and other countries could delay export shipments and dent global economic growth.
Soyabean gains were also pared by sluggish export demand for US soya as prices for newly harvested Brazilian soyabeans were much lower than US prices.
Traders are still waiting for large US soya purchases by China following its Phase 1 trade deal with the United States.
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