Soybean continues to fall for third straight day

Soybean prices fell on Friday, to deepen losses for the third straight session and posted the second straight weekly losses.

The US Department of Agriculture has not yet confirm the amount of Chinese purchases of US farm goods, since the two countries signed the Phase-One trade pact on January 15.

According to the agreement, China pledged to buy $200 billion worth of US goods and services over two years, while President Trump stated that the amount would be $250 billion.

US soybean exports are expected to face stiff competition from Brazil as it's estimated to have a large harvest season.

While China, which is the world's largest soy importer, may turn to Brazil to meet its needs if trade tensions escalated again with the US.

Soybean March futures lost 0.8% to close at $9.02 a bushel (6-month low), and posted 2.3% weekly loss, with today's high at $9.09 and the low at $9.00.