US soybean futures close lower for four straight sessions

CHICAGO (XINHUA) – Chicago Board of Trade (CBOT) agricultural futures closed lower on Friday, with soybean futures falling for four straight sessions as traders are awaiting fresh news about Chinese purchases.

The most active soybean contract for March delivery decreased 7.5 cents, or 0.82 per cent, to close at USD9.02 per bushel. March wheat lost 7 cents, or 1.21 per cent, to USD5.735 per bushel. March corn dropped 6.5 cents, or 1.65 per cent, to USD3.8725 per bushel.

China and the United States (US) signed their phase-one economic and trade agreement last week. Market participants hope the deal will increase US crop sales to China.

CBOT corn and wheat futures declined by the spillover effects of soybeans. The US Department of Agriculture (USDA) on Friday reported export sales of US soybeans in the week ending January 16 at 790,000 metric tonnes for the 2019/2020 marketing year, up 23 per cent from the previous week and 59 per cent from the prior four-week average.

Export sales of US corn were 1,006,900 metric tonnes for 2019/2020, up 28 per cent from the previous week and 92 per cent from the prior four-week average, the USDA said.

The USDA reported export sales of US wheat at 696,000 metric tonnes for 2019/2020, up seven per cent from the previous week and 58 per cent from the prior four-week average.