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US soyabean futures rose on Friday on bargain buying after falling in three of the previous four sessions.

The rebound began overnight, and prices rallied to fresh highs after the US Agriculture Department reported a flash export sale.

Soyameal and soyaoil futures also rose but gains in soyaoil were minimal.

Gains were kept in check by forecasts for rain in key growing areas of the US Midwest during the weekend and ongoing concerns about the trade war with China.

For the week, CBOT soyabeans fell 1.4%, their fourth decline in the last five weeks.

CBOT soyameal was off 1.2% this week while soyaoil was down 1.6%.

The USDA said private exporters reported the sale of 296,500 tonnes of soyabeans for delivery to unknown destinations during the 2019/20 marketing year.

Brazil's soyabean market got another boost this week with local oilseed processors increasingly competing with Chinese buyers for one of Brazil's most prized export commodities, causing prices in local currency to spike.

Copyright Reuters, 2019


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