CBOT soybeans end higher in turnaround from five-month low

CHICAGO: Chicago Board of Trade (CBOT) soybean futures ended higher on positioning on Thursday after dropping to their lowest price since November, traders said.

CBOT May soybeans settled 1-1/2 cents higher at $8.80-1/2 per bushel. The contract set its lowest price since Nov. 1, 2018.

Short covering and position squaring ahead of the three-day weekend supported prices, traders said.

The CBOT grain market will be closed on Friday for Good Friday.

The USDA reported export sales of US soybeans in the week ended April 11 were 403,200 tonnes, toward the low end of a range of trade expectations.

The USDA reported combined-year soymeal export sales at 298,200 tonnes and soyoil sales at 26,000 tonnes.

CBOT May soymeal ended down $0.70 at $303.20 per short ton while May soyoil rose 0.34 cent to 28.80 cents per pound.

Traders are still watching for signs of progress in talks to resolve the trade war between Washington and Beijing because China is the world's largest export market for US soy.

There has been new progress in negotiating the text of a Sino-US trade deal, but work remains to be done, China's commerce ministry spokesman said.