BEIJING: Chicago soybean futures were flat on Thursday, holding near a four-month low amid favourable weather, abundant global supplies and sluggish Chinese demand.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was steady at $9.96 per bushel, as of 0439 GMT, following four consecutive sessions of losses.
On Tuesday, the world’s biggest soy buyer, China, and the United States agreed to seek an extension of their 90-day truce to the tariff dispute that has hurt American farm exports.
However, traders remain sceptical about a near-term breakthrough in agricultural negotiations, particularly as a domestic soymeal surplus in China is likely to weaken demand during the peak US marketing season. Corn futures were unchanged at $4.12-2/8 per bushel, pressured by favourable Midwest weather that is boosting expectations for a strong US harvest.
Harvesting has already begun in the far southern fringes of the crop belt, including Texas and Louisiana, weekly US data showed.