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Chicago soybean futures fall amid China-US trade frictions, improved weather

http://www.chemnet.com   Jul 11,2018 Global Times
Chicago Board of Trade (CBOT) agricultural commodities closed lower on Tuesday, with soybean futures falling for the second straight session, mostly on China-US trade frictions, improved weather conditions in the US Midwest.

The most active corn contract for December delivery went down 6.25 cents, or 1.7 percent to close at 3.6075 dollars per bushel. September wheat delivery fell 16 cents, or 3.15 percent to close at 4.92 dollars per bushel. November soybean delivery was 0.5 cent lower, or 0.06 percent to close at 8.715 dollars per bushel.

Investors were widely worried about the impact of trade frictions between the world's top two economies after the United States began imposing a 25-percent additional tariff on Chinese products worth 34 billion US dollars on Friday.

Accordingly, China canceled purchases of US soybeans for delivery in the 2017-2018 and 2018-2019 marketing years, the US Department of Agriculture said in a report on Friday.

CBOT corn futures fell to contract lows on forecasts for crop-boosting rain and milder temperatures in the heart of the US corn belt.

Wheat futures tumbled more than 3 percent on dull export demand and improving spring wheat crop conditions.

The US Department of Agriculture's weekly crop progress report released on Monday showed that 75 percent of the US corn crop is rated good or excellent (down 1 percentage point), 71 percent of the US soybean is rated good or excellent (unchanged) with 80 percent of the US spring wheat is rated good or excellent (up 3 percentage points).
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