CBOT soybeans rise on US-China optimism, Argentina weather worries
CHICAGO, Jan 17 (Reuters) - Chicago Board of Trade soybean futures rose about 1.5% on Friday ahead of a long holiday weekend, lifted by Argentine weather worries and cautious optimism about U.S.-China trade relations, brokers said.
CBOT March soybeans SH25 settled up 15 cents, or 1.47%, at $10.34 per bushel.
For the week, the March contract SH25 rose 8-3/4 cents or 0.85%.
CBOT March soymeal SMH25 settled Friday up $2.80, or 0.95%, at $297.20 per short ton and March soyoil BOH25 rose 0.66 cent, or 1.5%, to finish at 45.69 cents per pound.
CBOT soybeans extended early advances after U.S. President-elect Donald Trump said he discussed trade with Chinese President Xi Jinping in a phone call.
Worries about U.S. trade tensions with the world's largest soy buyer have hung over the grain markets since Trump's election.
Chinese soybean processors have already largely turned to Brazilian cargoes instead of U.S. oilseeds, reflecting cheaper prices for Brazilian soy along with fears that Washington will impose tariffs on Chinese goods.
In Argentina, weekend rains were expected to give crops a brief reprieve from stressful conditions before dry weather returns. Uncertainty about crop prospects in Argentina, the No. 1 global exporter of soymeal and soyoil, has supported soy futures this month.
U.S. markets and most government offices will be closed on Monday for the Martin Luther King Jr holiday, which coincides with Trump's inauguration.
(Reporting by Julie Ingwersen; editing by Diane Craft)
((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))
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