CBOT soybeans weaken as traders eye Trump-Xi meeting
SOYB•CBOT soybean futures dipped as traders awaited signs that Xi Jinping’s White House visit would boost Chinese demand for U.S. supplies. November soybeans closed down half a cent at $13.17½ per bushel.
1. Trade talks and sales
Traders waited to see whether Xi Jinping’s visit to the White House would boost Chinese demand for U.S. soybeans, while some grain traders grew impatient over the lack of concrete news about trade deals. Private exporters reported sales of 120,000 metric tons of U.S. soybeans to China, the U.S. Department of Agriculture said.
2. Export sales and futures
Net U.S. soybean export sales for shipment in the current marketing year totaled 582,400 metric tons in the week ended September 17, below trade expectations, the USDA said. CBOT November soybeans closed down half a cent at $13.17½ per bushel; December soymeal rose $1.80 to $372.40 per ton and set a contract high, while December soyoil fell 0.26 cent to 67.55 cents per pound and touched its lowest level since August 27.
