SINGAPORE- Chicago soybean futures ticked higher on Monday, underpinned by heightened hopes of an initial trade deal between Washington and Beijing although concerns over slowing animal feed demand in Asia kept a lid on prices.
Corn futures lost more ground, while wheat dropped after closing higher on Friday.
The most-active soybean contract on the Chicago Board Of Trade was up 0.1 percent at $9.37-1/4 a bushel, having firmed 0.5 percent on Friday.
Corn fell 0.7 percent to $3.86-1/2 a bushel and wheat Wv1 lost 0.6 percent to $5.12-3/4 a bushel.
Private exporters reported the sale of 132,000 tons of US soybeans to China on Friday, the latest in a string of purchases that the top buyer of the oilseed has booked amid talks to end a bilateral trade war that has lasted more than a year.
“Trade agreement between the United States and China is a key theme in the soybean market although there are worries about demand,” said one Singapore-based trader.
“Things have really slowed down in Asia as far as animal feed in concerned due to African swine fever.” – Reuters