Soybeans are loaded into a grain cart during harvest in the US state of Illinois in 2018. Photo: VCG

Chicago Board of Trade (CBOT) agricultural futures settled higher for the trading week ending Dec. 27, with soybeans closing at highest price since summer 2018 on expectations for fresh Chinese purchases as a result of progress in trade deal.

The most active soybean contract for March delivery rose 13.25 cents, or 1.43 percent, week on week, to close at 9.415 US dollars per bushel. March corn added 2.25 cents, or 0.58 percent, to settle at 3.9 dollars per bushel. March wheat went up 14 cents, or 2.58 percent, to end at 5.5625 dollars per bushel.

CBOT agricultural futures settled mixed on Monday, with soybean futures rising on expectations of fresh Chinese purchases.

Soybean futures firmed on technical buying as investors expect that China, top global soy buyer, would place more orders after China and the United States agreed on the text of a phase one economic and trade agreement.

The US Department of Agriculture (USDA) confirmed on last Thursday that private exporters reported export sales of 126,000 metric tons of soybeans for delivery to China during the 2019/20 marketing year.

Corn futures rose on technical moves and spillover support from soybeans, as traders consolidated positions ahead of the year-end holidays.

CBOT agricultural futures settled mixed on Tuesday, as soybean futures maintained six-week highs reached in the previous day, grain markets remained cautious and positive trade news offset disappointing export sales data.

Inspections of corn and soybeans for overseas delivery were both lower week-to-week while wheat assessments increased, according to the report released by the USDA this week.

Corn inspections in the seven days through Dec. 19 were reported at 387,188 metric tons, down from the 699,673 metric tons a week earlier and the 1.01 million metric tons examined during the same week in 2018, the USDA said in the report.

Soybean assessments came in at 1.08 million metric tons, still below the 1.34 million metric tons inspected the previous week.

Wheat inspections rose to 578,458 metric tons last week from 510,183 tons, the agency said. The total was almost on par with the 578,794 metric tons assessed at the same time last year.

Wheat futures rose as investors turned to light technical buying on better export expectations, while corn fell mostly on technical selling and positioning ahead of the Christmas holiday.

CBOT agricultural futures closed trading on Wednesday for the Christmas holiday.

CBOT agricultural futures settled higher on Thursday, with soybean futures edging higher as traders expected more US soy exports to China.

CBOT agricultural futures settled mixed on Friday, with soybean futures losing gains after rising for four consecutive sessions.

The USDA on Friday reported export sales of US soybeans in the week ending Dec. 19 at 736,200 metric tons for 2019/2020 marketing year, down 49 percent from the previous week and 39 percent from the prior 4-week average.

Export sales of US corn were 624,800 metric tons for 2019/2020, down 63 percent from the previous week and 37 percent from the prior 4-week average, the USDA said.

The USDA reported export sales of US wheat at 715,000 metric tons for 2019/2020, down 18 percent from the previous week but up 29 percent from the prior 4-week average.