Soybean futures for May gained 0.4 percent to $10.33 ½ a bushel, reducing to 1.6 percent its decline so far this week, and moving decisively back above their 40-day moving average.
Soymeal futures for May also gained by 1.0 percent to $368.20 a short tonne, curtailing their overall loss this week to 1.3 percent.
Weakness in the dollar, which shed a further 0.2 percent in early deals, adding to losses after the close of grain markets on Wednesday, helped bulls’ cause, in boosting the affordability of dollar-denominated exports.
US agricultural exports will come into focus later with US department of agriculture data on export sales last week, expected to come in at 700,000 – 1.40 million tonnes for soybeans, compared with 1.27m tonnes last time.
Other themes still in focus include the potential threat of China imposing tariffs on imports of US soybeans, and the US spring sowings intentions report on March 29, expected to show US area at 92m – 93m acres, ahead of the 90.0m acres the USDA outlined last month.
Business News December 18, 2019