Chicago Board of Trade (CBOT) soyabean futures rose on short covering and bargain buying on Friday in a turnaround from a slump to their lowest prices in more than two months on Thursday, traders said. CBOT August soyabeans edged up 3-1/4 cents to $8.50-1/4 a bushel. New-crop November soyabeans gained 3-1/4 cents to close at $8.68-1/2 a bushel. Both contracts hit their lowest prices since May 24 on Thursday.
CBOT August soyameal fell $0.80 to $292.40 per short ton. August soyaoil jumped 0.51 cent to 28.19 cents per pound. Soyabeans were due for a bounce after recent declines, traders said. Still, worries about weakened demand from China, the world's top soyabean importer, continue to hang over the markets. China's new ambassador to the United Nations said on Friday that if the United States wanted to fight China on trade, "then we will fight" and warned that Beijing was prepared to take countermeasures over new US tariffs.
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