Soy­bean prices edge down, yet firm for big weekly gain

Business a.m. - - COMMODITIES & AGRICULTURE -

U.S. SOY­BEAN PRICES edged lower for the first time in four ses­sions on Fri­day, though the oilseed was on course to re­port its big­gest weekly gain in more than five months on hopes that the United States and China would set­tle a trade war.

The most ac­tive soy­bean fu­tures on the Chicago Board of Trade were up more than four per­cent for the week, the big­gest weekly gain since May 2018.

Soy­beans were down 0.2 per­cent at $8.80 a bushel after clos­ing up 3.6 per­cent in the pre­vi­ous ses­sion, when prices hit their high­est since Oct. 17 at $8.88 a bushel.

The most ac­tive corn fu­tures are steady for the week, hav­ing closed al­most un­changed in the pre­vi­ous week.

The most ac­tive wheat fu­tures were up 0.5 per­cent for the week, after clos­ing down 1.8 in the pre­vi­ous week. Soy­beans were sup­ported after U.S. Pres­i­dent Don­ald Trump said talks aimed at re­solv­ing a trade war were “mov­ing along nicely”.

Net corn ex­port sales last week to­talled less than 400,000 tonnes for the third straight week while net soy­bean sales to­taled just 455,807 tonnes, com­pared with nearly 2 mil­lion tonnes in the same week last year, USDA data showed.

Net wheat ex­port sales, how­ever, topped trade ex­pec­ta­tions at 582,545 tonnes, in­clud­ing 50,000 tonnes to Egypt.

The euro got off to an un­usu­ally quiet start in Asia on Mon­day, hav­ing posted its worst weekly per­for­mance in three months, as in­vestors await more de­vel­op­ments and rat­ings down­grades from Europe.

Oil edged lower in volatile trad­ing on Fri­day, post­ing a se­cond con­sec­u­tive weekly loss as cau­tion about Europe’s debt cri­sis and yearend po­si­tion­ing con­tin­ued to spark sell­ing into ral­lies.

A rally in U.S. stocks fiz­zled, leav­ing ma­jor in­dexes with mod­est gains on Fri­day, as Wall Street was torn be­tween hope that U.S. eco­nomic data sig­nals bet­ter times ahead and fear Europe’s debt cri­sis will en­gulf world economies.

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