The most-active soybean futures on the Chicago Board Of Trade are down 1.2 percent for the week, the first weekly fall in three weeks. Soybeans hit a low of $9.05-3/4 a bushel on Thursday, the weakest since Jan. 3.
Wheat is up 0.1 percent this week after closing 1 percent higher in the previous week and corn futures down nearly 1.1 percent for the week after closing up 2 percent last week. "The market has been expecting China to make more purchases of US soybeans but that has not happened," said a Singapore-based trader. "Brazil is about to start harvesting its crop and there will be more competition in the market to sell beans."
China's commerce ministry said on Thursday this week's trade talks were extensive and detailed, while the US Trade Representative's office said that China had pledged to purchase "a substantial amount" of US agricultural, energy and manufactured goods and services.