Global grain and oilseed markets

Markets in Canada and the U.S. will be closed on Monday due to Labor Day. Soybean futures on the Chicago Mercantile Exchange came under pressure but closed higher on Thursday, although the lack of demand from China for U.S. oilseeds continued to put pressure on the market. U.S. farmers are planning to harvest the largest corn crop in the country's history this fall, as well as a rich soybean crop. Despite good export sales, the absence of China in the market is limiting soybean futures. However, a high-ranking Chinese trade negotiator, Liu Chengang, is expected to travel to Washington this week to meet with U.S. officials for trade talks, a U.S. government official said. The U.S. Department of Agriculture reported that weekly export sales of soybeans were 1,183,400 tons. Export sales data showed a net reduction of old-crop supplies by 189,184 tons for the week ending August 21, below the forecast net reduction of 200,000 tons to 50,000 tons. Many of the reported sales were moved ...