CBOT soybeans lower amid profit-taking, trade tensions

CHICAGO, April 18 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Wednesday with soybeans falling amid profit-taking and trade tensions with China.

The most active corn contract for July delivery rose 2.5 cents, or 0.64 percent to settle at 3.9175 dollars per bushel. July wheat delivery went up 7.75 cents, or 1.61 percent to close at 4.8925 dollars per bushel. July soybeans lost 4 cents, or 0.38 percent to settle at 10.5325 dollars per bushel.

CBOT wheat rose as diminishing prospects for rain in the southern U.S. plains underpinned prices. Meanwhile, many farmers and experts said that the rainfall may be too late for the damaged crops.

Soybean futures were slightly higher in the morning. However, profit-taking and concerns over trade tensions with China pushed the prices lower toward the end of the session.

China's Ministry of Commerce (MOC) announced Tuesday that it will impose provisional anti-dumping measures on grain sorghum imported from the U.S.. Starting on Wednesday, importers of the product will be required to pay deposits with Chinese customs calculated based on a rate of 178.6 percent, according to the ministry.

A preliminary ruling by the MOC found that U.S. companies dumped grain sorghum on the Chinese market, and such imports caused substantial damage to the domestic industry.

U.S. soybeans were already on the list of U.S. products that Beijing vowed to levy retaliatory duty on, should Washington go ahead with a 25-percent import tariff on Chinese products worth 50 billion U.S. dollars. Enditem