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​CBOT soybean futures surge over 1 pct as China-U.S. trade tensions ease

2018-05-15 08:40

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Chicago Board of Trade (CBOT) agricultural commodities settled mixed on Monday, with soybean futures surging more than one percent, amid news of easing trade tensions between China and the United States.

The most active corn contract for July delivery kept unchanged at 3.965 dollars per bushel. July wheat delivery dropped 7.5 cents, or 1.5 percent to close at 4.9125 dollars per bushel. July soybean delivery rose 14.5 cents, or 1.45 percent to close at 10.1775 dollars per bushel.

China's Ministry of Commerce said on Wednesday the Chinese side had accepted an invitation from the United States, agreeing to send a delegation to visit the country at a "proper time" for further economic and trade consultations.

China appreciates the U.S. position on Chinese telecom equipment maker ZTE, Chinese Foreign Ministry spokesperson Lu Kang said on Monday.

CBOT brokers estimate that funds on Monday have sold 3,400 contracts of wheat and 1,000 contracts of corn, while buying 8,200 contracts of soybeans.

All wheat production in the United States for the 2018-2019 marketing year that starts on June 1 is pegged at 1.821 billion bushels, up 5 percent from the prior 12 months and well above analyst estimates, the U.S. Department of Agriculture said in a report last week.
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