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CBOT soybean futures edge lower despite strong export sales

2019-10-04 05:37

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CHICAGO, Oct. 3 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled mixed on Thursday, with soybean futures falling slightly despite fresh crop export sales to top soy buyer China.

The most active wheat contract for December delivery was down 0.25 cent, or 0.05 percent, to settle at 4.8875 U.S. dollars per bushel. December corn added 1 cent, or 0.26 percent, to 3.8875 dollars per bushel. November soybeans fell 2 cents, or 0.22 percent, to 9.1175 dollars per bushel.

Soybean futures retreated from early gains on technical selling after failing to take out the 10-week high hit on Tuesday.

Traders shrugged off signs of strong export demand for U.S. soybeans.

The U.S. Department of Agriculture (USDA) reported export sales of U.S. soybeans in the week ending Sept. 26 at 2.076 million metric tons, above trade insiders' expectations for 900,000 to 1.4 million metric tons.

The USDA on Thursday confirmed private sales of 252,000 metric tons of U.S. soybeans to China for shipment in the 2019/20 marketing year.

Wheat futures eased on profit-taking following an early-week rally to seven-week highs and concerns about ample global supplies and limited demand for U.S. exports.

The USDA reported export sales of U.S. wheat in the week to Sept. 26 at 328,500 metric tons, within trade insiders' expectations for 200,000 to 600,000 metric tons.
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