CBOT soybeans reach seven-week low on US-China trade concerns

CHICAGO: Chicago Board of Trade (CBOT) soybean futures set a seven-week low on Wednesday as Washington and Beijing made no apparent signs of progress in trade talks, traders said.

* CBOT August soybeans sank 14-3/4 cents to $8.64 a bushel. The contract hit its lowest price since June 12.

* New-crop November soybeans lost 15-1/4 cents to close at $8.81-1/2 a bushel and reached their lowest price since June 11.

* CBOT August soymeal fell $2.10 to $298.20 per short ton and touched its lowest price since May 23. August soyoil dropped 0.56 cent to 27.75 cents per pound and set its lowest price since July 23.

* US and Chinese negotiators wrapped up a round of trade talks on Wednesday without visible signs of progress and put off their next meeting until September.

* The White House said China will ramp up purchases of American agricultural exports. China's Commerce Ministry said negotiators discussed more Chinese purchases of US agricultural products, but did not say there was any agreement to buy more.

* "Trade talks didn't bring anything new to the table," CHS Hedging said.

* American farmers have been suffering after China, the world's top soybean importer, imposed retaliatory tariffs on imports of US soy last year as part of the countries tit-for-tat trade war.

* Worries about weakened demand from China have also loomed over the soy complex as a fatal pig disease has reduced the need for soybean imports for hog feed.

* On Thursday, traders will assess weekly US grain and soybean export sales data from the USDA and look for confirmation of any business with China.