Chicago Board of Trade soyabean futures fell to their lowest level in almost two months on Thursday as uncertainty about progress in U.S-China trade talks overshadowed support from stronger-than-expected weekly US export sales, traders said.
CBOT January soyabeans settled down 4 cents at $9.01 per bushel after dipping to $9.00-1/4, the contract's lowest since September 30. CBOT December soyameal settled up $1.20 at $301 per short ton but stayed inside of Wednesday's trading range. CBOT December soyaoil ended down 0.51 cent at 30.69 cents per pound, snapping a three-session climb.
The US Department of Agriculture reported export sales of US soyabeans in the week to Nov. 14 at 1,516,700 tonnes, topping trade expectations. The total included 568,573 tonnes sold to China, while shipments to China totaled 873,573 tonnes.
But futures declined as traders returned their focus to US-China trade uncertainty and improving crop weather in South America. Completion of a "phase-one" US-China trade deal could be delayed until next year, Reuters reported on Wednesday, citing trade experts and people close to the White House. But Chinese officials said on Thursday Beijing was willing to work with the United States to resolve core trade concerns.