CBOT soybeans higher, doubts over Chinese demand linger
CHICAGO, Feb 17 (Reuters) - Chicago Board of Trade soybean futures ticked higher on Tuesday on continued hopes for Chinese purchases of U.S. soybeans, though the Lunar New Year holiday, which brings business to a halt in much of Asia, has added to demand concerns.
CBOT March soybeans SH26 settled 1 cent higher to $11.34 per bushel.
CBOT March soymeal SMH26 settled $3.70 lower to $305.50 per short ton.
CBOT March soyoil BOH26 ended 0.21 cent higher at 57.29 cents per pound.
Soybeans had rallied the previous week after U.S. President Donald Trump said that China is considering buying an additional 8 million metric tons of U.S. soybeans, and a report in the South China Morning Post said Trump and Chinese President Xi Jinping could extend their countries' trade truce for as long as a year.
An ongoing Brazilian soybean harvest and market skepticism that China will buy additional soybeans has added a ceiling to prices.
The Lunar New Year holiday and the Muslim holy month of Ramadan, which starts this week, could lead to a general slowdown in demand from some major importers of grains and oilseeds.
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