U.S. soybean futures fall over 1 pct amid lack of fresh news about trade talks

Source: Xinhua| 2019-04-21 04:19:49|Editor: Mu Xuequan
Video PlayerClose

CHICAGO, April 20 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed lower in the Good Friday trading week which ended April 18, with soybeans falling over 1 percent, as there is lack of fresh market news about the trade talks between the United States and China.

The most active contract for May soybeans were down 14.75 cents weekly, or 1.65 percent, to 8.805 dollars per bushel. May wheat dropped 20.25 cents, or 4.36 percent, to 4.4425 dollars per bushel. July corn went down 2.25 cent, or 0.61 percent, to 3.6725 dollars per bushel.

Limited market news, slow exports and bearish fund traders all weighed on CBOT soybean market through the week. Spot soybean prices slipped to a 5-month low ahead of the holiday weekend but managed a slightly higher close at the end of Thursday's trade.

Traders are awaiting for firmer indications that the United States and China were making progress on the trade talks. The sides have met several times in the past few months to attempt to hammer out a trade deal between the world's two largest economies.

The U.S. Department of Agriculture (USDA) on Thursday reported net export sales of U.S. soybeans in the week ending April 11 at 382,100 tonnes, toward the low end of a range of trade expectations.

USDA also said it expected to release its first U.S. soybean planting progress figure for 2019 in next week's crop progress report.

CBOT corn futures ended the week a bit lower on favorable South American growing conditions and another week without concrete evidence on Chinese demand in the near term.

Corn prices were also under ample U.S. and global grain supplies, while potential U.S. Midwest planting delays and the fact that commodity funds already hold a huge net short position limits the decline.

Wheat futures were hovering near a one-month low struck earlier this week, as a broadly favorable harvest outlook in the northern hemisphere weighed on prices.