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Roundup: Chicago soybean futures drop over 1 pct over the week

Xinhua,April 08, 2018 Adjust font size:

CHICAGO, April 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed over the trading week which ended April 7, with soybean futures dropping over 1 percent amid escalating trade tensions between China and the United States.

Wheat futures surged over 4 percent with concerns about cold weather posing threat to winter wheat in the drought-affected U.S. Plains. Corn futures rose slightly on traders' technical buying.

The most active corn contract for May delivery rose 0.75 cent weekly, or 0.19 percent, to 3.885 dollars per bushel. May wheat delivery added 21.25 cents, or 4.72 percent, to 4.7225 dollars per bushel. May soybeans dropped 11 cents, or 1.05 percent, to 10.3375 dollars per bushel over the week.

U.S. President Donald Trump said on Thursday he had asked the U.S. Trade Representative to consider slapping 100 billion U.S. dollars of additional tariffs on China, ratcheting up trade tensions and plunging economic growth into uncertainty.

China will fight "at any cost" and take "comprehensive countermeasures" if the United States continues its unilateral, protectionist practices, a spokesperson for the Chinese Ministry of Commerce said Friday.

The moves came after both sides earlier this week unveiled a list of products worth 50 billion U.S. dollars imported from the other side that would be subject to higher tariffs.

There was volatile trading in the soybean market. The week's high was scored on Monday through technical demand, while the low was forged on Wednesday's reaction to China's proposed import tariff's on U.S. soybeans.

After the initial reaction, however, the market began to realize that neither U.S. nor Chinese tariffs will not become active in the marketplace until June. Prices bounced on Friday on the expectation of China's Dalian soybean market rally on Sunday.

Wheat futures ended higher as the market returned its attention to a worsening U.S. Plains drought.

Wheat remains a supply-driven marketplace, with concern noted not only in the United States, but also in Australia, where last year's drought persists ahead of planting.

Argentina will benefit from widespread soaking rain in the near term, but more is needed to fully replenish subsoil moisture. Enditem

 

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