BUSINESS US soybean futures plunge over 2 pct on trade talks uncertainty

BUSINESS

US soybean futures plunge over 2 pct on trade talks uncertainty

Xinhua

09:21, May 18, 2019

CHICAGO, May 17 (Xinhua) - Chicago Board of Trade (CBOT) soybean futures dropped over 2 percent on Friday, as traders showed increasing concerns over uncertainty about the trade talks between the United States and China.

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(File photo: VCG)

The most active soybean contract for July delivery went down 18 cents, or 2.14 percent to close at 8.2175 dollars per bushel. July corn delivery was up 4.25 cents, or 1.12 percent to close at 3.8325 dollars per bushel. July wheat delivery was down 2 cents, or 0.43 percent to close at 4.65 dollars per bushel.

US Treasury Secretary Steven Mnuchin said Wednesday that he expected to travel to China to continue talks in the near future after the two countries held constructive talks at the 11th round of high-level economic and trade consultations.

In response, Chinese Foreign Ministry spokesperson Lu Kang said Thursday "For negotiations and consultations to make sense, there must be sincerity."

Lu called on the United States to observe the principle of mutual respect, equality and mutual benefits, keep its promises and make its actions accord with words.

CBOT soybean futures plunged on concerns about rising tensions that threatened to prolong US-China trade frictions that have chilled demand for US soybean exports from the world's top buyer China.

Corn futures extended their rally, jumping to a four-month high, as forecasts of heavy rain sweeping a wide path across the US Midwest next week fueled concerns about worsening planting delays. 

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