Chicago Board of Trade (CBOT) agricultural futures settled lower on Thursday, with soybeans ending a four-day rally as concerns flared up over trade relations with China.
Profit-taking on Thursday and the newly reported arrest by Canadian authorities at the U.S. request of a high-ranking executive with China's telecom giant Huawei, triggered sell-off in soybeans and other commodities.
Analysts with the Chicago-based Agricultural research firm AgResource feared that the latest incident might "further snarl the soon to start U.S.-China trade negotiations and complicate relationships."
The most active January 2019 soybeans were down 4 cents, or 0.44 percent to settle at 9.095 dollars per bushel. March corn was down 1.5 cents, or 0.39 percent to close at 3.8275 dollars per bushel. March wheat was down 2.5 cents, or 0.48 percent to settle at 5.155 dollars.
CBOT brokers reported that funds sold 3,900 contracts of soybeans, 4,500 contracts of corn, and 3,300 contracts of wheat.
Amid hopes that China and the United States would take measures to ease trade tensions, the CBOT soybean futures had posted sharp gains in the past four sessions.
Wheat and corn continued their downturn for the second consecutive day.
Profit-taking on Thursday and the newly reported arrest by Canadian authorities at the U.S. request of a high-ranking executive with China's telecom giant Huawei, triggered sell-off in soybeans and other commodities.
Analysts with the Chicago-based Agricultural research firm AgResource feared that the latest incident might "further snarl the soon to start U.S.-China trade negotiations and complicate relationships."
The most active January 2019 soybeans were down 4 cents, or 0.44 percent to settle at 9.095 dollars per bushel. March corn was down 1.5 cents, or 0.39 percent to close at 3.8275 dollars per bushel. March wheat was down 2.5 cents, or 0.48 percent to settle at 5.155 dollars.
CBOT brokers reported that funds sold 3,900 contracts of soybeans, 4,500 contracts of corn, and 3,300 contracts of wheat.
Amid hopes that China and the United States would take measures to ease trade tensions, the CBOT soybean futures had posted sharp gains in the past four sessions.
Wheat and corn continued their downturn for the second consecutive day.
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