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CBOT soybeans rebound after China, U.S. pledge to continue trade talks

Xinhua,May 09, 2018 Adjust font size:

CHICAGO, May 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities rebounded on Tuesday amid reports that Beijing and Washington pledged to continue trade talks.

Chinese President Xi Jinping said on Tuesday that China and the United States should maintain communication to try to find a way to properly solve their trade issue and achieve mutually beneficial and win-win results.

U.S. President Donald Trump, during a phone conversation with Xi, also expressed his willingness to make concerted efforts with China to strengthen practical cooperation in various fields and properly handle the U.S.-China trade issue.

White House spokeswoman Sarah Sanders told reporters during a regular news briefing on Monday that the two sides will continue trade discussions next week in Washington.

CBOT soybeans, a key agricultural product the United States exports to China, had slid sharply in the past two straight sessions over concerns on trade tensions. But news about fresh talks between China and the United States next week obviously boosted the prices.

Bargain buying also supported the futures.

CBOT brokers reported that funds bought 3,400 contracts of corn, 2,300 contracts of soybeans, while being flat in wheat.

The most active corn contract for July delivery rose 2.5 cents, or 0.62 percent to settle at 4.0325 dollars per bushel. July wheat delivery went up 3 cents, or 0.59 percent to close at 5.145 dollars per bushel. July soybeans were up 8.75 cents, or 0.87 percent to settle at 10.2025 dollars per bushel. Enditem

 

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