Chicago Board of Trade soyabean futures fell to decade lows on Monday on escalating trade tensions between the United States and top global soya buyer China, traders said. Forecasts for burdensome US soya stockpiles added to bearish sentiment.
High-level US-China trade talks in Washington ended on Friday without any agreement, allowing US tariffs on $200 billion worth of goods from China to kick in. China retaliated on Monday with its own proposed tariffs on more than 5,000 American products. CBOT soyabean, soyameal and soyaoil futures fell to contract lows nearly across the board. CBOT July soyabeans settled down 6-3/4 cents at $8.02-1/2 per bushel after falling to $7.91, a contract low and the lowest for a most-active soyabean contract on a continuous chart since December 2008.
CBOT July soyameal ended steady at $287.30 per short ton, paring losses after hitting a contract low at $283.10.
CBOT July soyaoil fell 0.18 cent at 26.61 cents per pound.
The US Department of Agriculture (USDA) reported export inspections of US soyabeans in the latest week at 513,375 tonnes, in line with trade expectations. Ahead of the USDA's weekly crop progress report, analysts surveyed by Reuters on average expected the government to report US soyabean planting progress as 15% complete, up from 6% a week earlier.
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