Short covering pushed Chicago Board of Trade (CBOT) soyabean futures higher on Tuesday, a day after the market posted new contract lows for the sixth consecutive session. CBOT July soyabeans ended up 1/2-cent at $8.30-3/4 per bushel, after notching a contract low of $8.16-3/4 on Monday. CBOT July soyameal ended down $3.40 at $293.20 per short ton. July soyaoil fell 0.03 cent to settle at 27.10 cents per pound.
Grain traders were relieved that China confirmed Vice Premier Liu He, who leads trade talks for Beijing, will visit the United States this week. Traders had worried on Monday that Liu may not make the trip and that it would take longer than expected to reach a trade deal, after US President Donald Trump tweeted on Sunday that he would raise tariffs on Chinese goods.
Concerns over relations between the United States and China continue to hang over agricultural markets.
Traders are monitoring any news on trade talks as a deal could trigger accelerated commodities purchases by China, helping to reduce massive stockpiles of soyabeans.
Comments
Comments are closed.