Chicago Board of Trade (CBOT) agricultural futures settled higher for the trading week ending Feb. 7, as investors turned to technical buying on improved export sales.
The most active soybean contract for March delivery gained 9.5 cents, or 1.09 percent week on week, to close at 8.82 U.S. dollars per bushel. March corn rose 2.25 cents, or 0.59 percent, to settle at 3.835 dollars per bushel. March wheat added 5 cents, or 0.9 percent, to end at 5.5875 dollars per bushel.
The U.S. Department of Agriculture (USDA) on Thursday reported export sales of U.S. soybeans in the week ending Jan. 30 at 703,800 metric tons for 2019/2020 marketing year were up 76 percent from the previous week and 29 percent from the prior four-week average.
For 2020/2021, U.S. soybean exports were pegged at 1,448,300 metric tons, up 25 percent from the previous week and 28 percent from the prior four-week average.
Export sales of U.S. corn were 1,247,800 metric tons for 2019/2020, up 1 percent from the previous week and 57 percent from the prior four-week average, the USDA said.
For 2020/2021, corn export sales were 599,000 metric tons, down 12 percent from the previous week, but up 12 percent from the prior four-week average.
The USDA reported export sales of U.S. wheat at 338,600 metric tons for 2019/2020, down 48 percent from the previous week and 35 percent from the prior four-week average.
For 2020/2021, wheat export sales stood at 404,800 metric tons, up 85 percent from the previous week and 4 percent from the prior four-week average.
Soybean futures slipped to new lows at the start of the week and were higher at Friday's close. Deeply bargain buying conditions along with trade optimism offered support to the crop market.
Corn futures ended slightly higher also on concerns over the pace of crop seeding in Brazil and on expectation of fresh Chinese purchases.
China will halve rates of additional tariffs on some U.S. products starting Feb. 14, the Customs Tariff Commission of the State Council said Thursday.
China will actively use imports to increase the supply of meat and other farm produce in the domestic market, said a circular unveiled by Chinese Ministry of Commerce this week.
CBOT wheat futures were rising following the European markets. Europe continues to dominate world trade as French origin is the world's cheapest export. Enditem