U.S.-China trade tensions press CBOT soybeans

Updated 2018-05-08 11:16:04 Xinhua

Chicago Board of Trade (CBOT) agricultural commodities closed sharply lower on Monday as U.S.-China trade tensions took their toll.

The most active corn contract for July delivery fell 5.5 cents, or 1.35 percent to settle at 4.0075 dollars per bushel. July wheat delivery went down 14.75 cents, or 2.8 percent to close at 5.115 dollars per bushel. July soybeans were down 25.25 cents, or 2.44 percent to settle at 10.115 dollars per bushel.

CBOT futures, especially soybeans, posted big losses as very limited progress was reported during a high-level meeting in Beijing last week. Concerns are growing among traders and farmers that the trade spat between the U.S. and China will continue.

"The U.S. and China trade dispute is still alive. It seems that the standoff continuously slow down a lot of the exports." said Virginia McGathey with McGathey Commodities.

Meanwhile, experts with the AgResource company have estimated that the lack of Chinese demand for U.S. soybeans will put some 4-4.5 million metric tons of old crop U.S. soybean sales at risk.

CBOT corn and wheat followed soybean losses with U.S. wheat noncompetitive in the world marketplace, as the dollar strengthened to its highest level in 2018.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 24 2018 08:24:16

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 24 2018 08:24:16

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 24 2018 08:24:16

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords