CHICAGO, Nov. 23 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures ended the past trading week with sharp losses, amid uncertainty over U.S.-China trade talks and a rising challenge from South American exporters.
The most active soybean contract for January delivery fell 21.25 cents, or 2.31 percent week-on-week, to close at 8.97 U.S. dollars per bushel. March corn was down 2.25 cents, or 0.59 percent, to settle at 3.785 dollars per bushel. March wheat rose 12.75 cents, or 2.52 percent, to settle at 5.1875 dollars per bushel in the week ending on Nov. 22.
CBOT traders have kept a close eye on the ongoing trade talks between the United States and China. As the uncertainty of a trade deal persists, soybeans again fell below the 9-dollar-per-bushel level on the last trading day of this week, the first time since Sept. 27.
Meanwhile, a firmer U.S. dollar has inevitably made U.S. soybeans less competitive at the international market.
"That U.S. dollar index also added to the bearish cloud that's hanging over the soybeans right now," said Virginia McGathey, a market analyst with McGathey Commodities.
The U.S. dollar index, which measures the greenback against six major peers, rose well above 98.20 this week.
On the other hand, Brazil's currency Real reportedly reached the lowest value against dollar in its history this week, making Brazilian soybeans cheaper and thus more competitive.
Brazil is the world's largest soybean exporter, followed by the United States and Argentina.
The U.S. Department of Agriculture (USDA) confirmed that the net U.S. soybean export sales reached 1,516,700 metric tons for the 2019/20 marketing year in its latest weekly report, up 22 percent from the previous week and 39 percent from the prior four-week average.
However, the upbeat data failed to boost CBOT soybean prices, overshadowed by the trade woes and international competitions.
In contrast, rising export sales were able to push up CBOT wheat futures, which posted more than 2 percent gains this week.
In the same USDA weekly export report, net wheat sales of 437,700 metric tons for 2019/20 were recorded, up 83 percent from the previous week and 29 percent from the prior four-week average.
CBOT wheat found additional support this week from relatively low crop ratings. The USDA said in another weekly report that 52 percent of U.S. winter wheat was rated good to excellent, compared to 54 percent last year and an average of 56 percent in the past five years.
CBOT corn followed soybeans' fall, and yet some market watchers predicted probable rise of corn prices in the coming weeks.
The USDA reported that U.S. corn harvest was 76 percent complete as of Nov. 17, compared to 89 percent at the same time of last year and 92 percent in the average of the previous five years.
The cumulative U.S. corn exports as of Nov. 14 this marketing year reached 5,214,280 metric tons, less than half of the same period last year.
