CHICAGO: US soybean futures ended higher for the fourth consecutive day on Thursday on technical buying, as the market continued to recover from a 10-year low set early on Monday, traders said.
August soybeans futures rose 3-3/4 cents to $8.46 a bushel at the Chicago Board of Trade.
November soybean futures, which represent the US crop that will be harvested this autumn, edged up 3-3/4 cents to $8.61-1/2 a bushel. This most-active contract traded within its range from Wednesday, when it hit a one-week high.
Concerns about the US-China trade war continued to hang over the market because China is the world’s biggest soybean buyer.
US soybean export sales totaled 865,700 tonnes in the latest reporting week, in line with analysts’ expectations for 300,000 to 1 million tonnes, according to the US Agriculture Department.
The USDA said Argentina, typically a major soybean exporter, bought US soybeans in the latest reporting week. Traders said the deal was the result of a severe drought that reduced Argentina’s harvest this year.