Chicago Board of Trade soyabean futures weakened on Thursday, with traders expressing disappointment about demand from China.
Soyabean futures have fallen for three of the past four sessions.
The most-active March contract firmed early in overnight trading but turned lower after failing to top Wednesday’s high of $8.98-1/4 a bushel.
Soyameal and soyaoil futures also fell.
CBOT March soyaoil hit technical resistance at its 200-day moving average.
US Agriculture Secretary Sonny Perdue said on Thursday he anticipates that China will “start ramping up” purchases under the Phase 1 deal by this spring, depending on the impact of the coronavirus outbreak.
US soyabean acreage for 2020 was seen at 85.0 million acres, the USDA said. That compares with the average market estimate of 84.6 million acres.
Analysts expect a USDA report on Friday to show weekly export sales of soyabeans in a range from 600,000 tonnes to 1.2 million tonnes. That compares with 651,148 tonnes last week.
Published under arrangements with Reuters.
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence.’)” onMouseOut=”popop(event,’tip1′)” style=”cursor:pointer”>Copyright Reuters, 2020