Chicago Board of Trade (CBOT) soyabean futures closed higher in rangebound trade on Wednesday, supported by worries about poor crop weather crimping production in parts of South America, traders said. CBOT March soyabeans settled up 5-3/4 cents at $9.15 per bushel but stayed inside of Tuesday's trading range. CBOT March soyameal ended down 10 cents at $312.90 per short ton while March soyaoil rose 0.32 cent at 29.38 cents per pound.
The average estimate of Brazil's 2018-19 soyabean production in a Reuters poll of analysts was 117.06 million tonnes, down from the average in a November poll of 120.8 million tonnes. Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, projected US 2019 soyabean plantings at 86.2 million acres, up 1.1 million acres from its mid-December forecast, but still down nearly 3 million acres from 2018.
Traders continue to weigh prospects for progress in US trade talks with top global soya buyer China. Soya and corn futures eased on Tuesday on reports the Trump administration turned down Chinese offers this week for preparatory trade talks.