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U.S. soybean futures hit 10-year low on trade friction

2019-05-14 04:52

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CHICAGO, May 13 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures closed at the lowest level in more than 10 years on Monday, as traders showed increasing concerns about the escalating trade friction between the United States and China.

The most active soybean contract for July delivery edged down 6.75 cents, or 0.83 percent, to close at 8.025 dollars per bushel. July corn delivery was up 4.75 cents, or 1.35 percent, to close at 3.565 dollars per bushel. July wheat delivery was up 12.25 cents, or 2.88 percent, to close at 4.37 dollars per bushel.

China announced on Monday that it will raise the rate of additional tariffs imposed on some of the imported U.S. products from June 1.

China had earlier imposed additional tariffs on 60 billion dollars worth of U.S. imports, the rates of additional tariffs on some of the products will now be increased to 25 percent, 20 percent, and 10 percent, according to a statement by the Customs Tariff Commission of the State Council.

The decision came after the U.S. move to increase tariffs on 200 billion dollars worth of Chinese goods from 10 percent to 25 percent as of May 10.

Meanwhile, planting delays in the U.S. Midwest could prompt farmers to shift some acres intended for corn to soybeans, potentially adding to burdensome supplies of the oil seed.

Wheat futures rebounded after the U.S. Department of Agriculture on Monday reported weekly U.S. wheat export inspections of 842,418 tonnes, topping trade expectations.

Corn futures rose on uncertainty about U.S. corn and spring wheat acreage, given wet and cool weather that has slowed planting in the U.S. Midwest.
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