CHICAGO: US soyabean futures ended higher for the third straight day on Wednesday on follow-through buying, as the market recovered from a 10-year low set early on Monday, traders said.

August soyabeans futures rose 2-3/4 cents to $8.42-1/4 a bushel at the Chicago Board of Trade.

November soyabean futures, which represent the US crop that will be harvested this autumn, edged up 2-1/2 cents to $8.57-3/4 a bushel. This most-active contract touched its highest price since July 11.

Hopes for increased US soyabean export demand have helped support prices, traders said.

China’s buyers have loaded up on Brazilian soyabeans, instead of the United States, because of a tariff on imports of US soya that Beijing had threatened for weeks and then enacted on July 6. US soyabean prices are now looking more competitive with Brazilian soyabeans, traders said.

The US Department of Agriculture on Thursday is expected to report US soyabean export sales last week were 300,000 to 1 million tonnes.

The USDA said on Wednesday that exporters struck deals to sell 199,500 metric tons of US soyabeans to Pakistan for delivery in the 2018-19 marketing year.

Concerns about declining US crop conditions helped underpin the market, after hot and dry weather hit some growing areas, traders said.—Reuters