The Pak Banker

US soybean futures rise over 2pc weekly

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Chicago Board of Trade (CBOT) agricultur­al futures settled higher for the trading week which ended on Oct 11, with soybean futures surging over two percent on positive prospect of trade talks between China and the United States.

The most active corn contract for December delivery was up 13 cents, or 3.38 percent week on week, to close at $3.9775 per bushel.

November soybeans were up 19.75 cent, or 2.16 percent, to settle at $9.36 per bushel. December wheat was up 17.5 cents, or 3.57 percent, to close at $5.08 per bushel.

China and the United States achieved substantia­l progress in multiple areas after holding a new round of highlevel economic and trade consultati­ons on Thursday and Friday in Washington.

The areas included agricultur­e, intellectu­al property rights protection, exchange rate, financial services, expansion of trade cooperatio­n, technology transfer and dispute settlement. CBOT agricultur­al futures ended mixed on Monday, with corn futures rising on worries about forecasts for wintry weather in the US Midwest that could slow harvest.

Soybean futures ended slightly lower despite fresh crop export sales to China.

The US Department of Agricultur­e (USDA) said on Monday that private exporters reported the sale of 198,000 metric tons of soybeans to China for delivery in the 2019/20 marketing year.

Another sale of 240,000 metric tons of US soybeans was reported for delivery to unknown destinatio­ns. CBOT agricultur­al futures ended higher on Tuesday, with soybean futures rising on technical buying and weather concerns.

Corn futures received support from forecasts for wintry weather in western and northern stretches of the US Midwest that could slow harvest.

Only 15 percent of the US corn crop was harvested as of Sunday, behind the average pace of 27 percent, according to the USDA. About 14 percent of soybeans were collected, well behind the normal 34 percent for this time of year.

Wheat futures rallied as investors scrambled to cover bearish positions after the market passed through key resistance points.

CBOT agricultur­al futures settled mixed on Wednesday, with soybean futures edging higher on trade optimism and weather concerns.

Soybeans were higher on optimism about progress in US trade talks with China, the world's top soy buyer, along with traders' fears that a winter storm in the US Midwest could threaten late-maturing crops.

Wheat and corn futures were little changed, consolidat­ing after touching near twomonth highs and ahead of a government­al crop report due later in the week.

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