CBOT soybeans soar amid eased trade tensions

CHICAGO, May 21 (Xinhua) -- Chicago Board of Trade (CBOT) soybeans soared on Monday morning amid an easing of trade tensions between China and the United States.

The two countries issued a joint statement on Saturday on trade consultations, saying both sides have agreed to take effective measures to substantially decrease the U.S. trade deficit in goods with China, meaningfully increase U.S. agriculture and energy exports, and strengthen cooperation on intellectual property protection, among others.

China is the top buyer of U.S. soybeans. As both countries have vowed not to launch a trade war against each other, CBOT soybean prices surged over the news.

As of 1449 GMT, July soybeans were up 19.25 cents at 10.1775 dollars per bushel and July corn was up 0.5 cent at 4.03 dollars per bushel, while July wheat was down 11 cents at 5.0725 dollars.

CBOT wheat posted sharp losses over profit-taking after a 4.17 percent rise at the end of the past session. Enditem