Chicago Board of Trade soyabean futures closed modestly higher on Wednesday on technical selling and optimism about the start of high-level US-China trade talks in Washington, traders said. CBOT March soyabeans settled up 2 cents at $9.21 per bushel, just below the contract's 200-day moving average. CBOT March soyameal ended down 70 cents at $311.10 per short ton while March soyaoil rose 0.31 cent at 30.42 cents per pound.

Traders were awaiting news from US trade talks with top global soya buyer China that began on Wednesday, aimed at digging out from their months-long trade war. The US Department of Agriculture said that it will resume publishing its weekly export sales reports on Thursday, following the end of a month-long partial government shutdown.

The USDA also said it would release its US crop production, quarterly grain stocks and winter wheat seeding reports on February 8. Some Brazilian soyabean farmers in the state of Goiás have decided to pause sales of the crop that is currently being harvested, betting on improved prices ahead due to output losses.

Copyright Reuters, 2019