Markets > Commodities

Chicago soybean futures fall amid China-U.S. trade frictions

2018-08-07 08:42

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Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday, with soybean futures falling nearly one percent, as investors turned to technical selling amid ongoing China-U.S. trade frictions.

The most active corn contract for December delivery went up 1 cent, or 0.26 percent to close at 3.8525 dollars per bushel.

September wheat delivery added 18.25 cents, or 3.28 percent to close at 5.745 dollars per bushel. November soybean delivery dropped 8.75 cents, or 0.97 percent to close at 8.935 dollars per bushel.

Soybeans declined sharply after China on Friday decided to impose additional tariffs on about 60 billion U.S. dollars worth of U.S. products, in response to U.S. plan to raise tariffs to be imposed on 200 billion dollars of Chinese goods from 10 percent to 25 percent.

CBOT wheat futures surged over three percent on concerns about tightening global supplies as harsh weather slashed harvest prospects around the world.

Corn futures firmed on eroding crop conditions in the United States and on spillover support from wheat.

As for weather forecast for agricultural crop, thunderstorms are expected to arrive for parts of the U.S. state of Minnesota on Monday and Tuesday, though they're not expected to be severe, according to the National Weather Service. 
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