U.S. soybean futures plunge over 16 cents in morning trading

0 Comment(s)Print E-mail Xinhua, May 14, 2019
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CHICAGO, May 13 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures plunged over 16 cents on Monday morning trading, as traders showed increasing concerns about the escalating trade friction between the United States and China.

As of 1530 GMT, the most active July soybean was down 16.25 cents at 7.93 dollars per bushel. July corn were down 4.25 cents at 3.475 dollars per bushel. July wheat was down 0.5 cent at 7.97 dollars per bushel.

China announced on Monday that it will raise the rate of additional tariffs imposed on some of the imported U.S. products from June 1.

China had earlier imposed additional tariffs on 60 billion dollars worth of U.S. imports, the rates of additional tariffs on some of the products will now be increased to 25 percent, 20 percent, and 10 percent, according to a statement by the Customs Tariff Commission of the State Council.

The decision came after the U.S. move to increase tariffs on 200 billion dollars worth of Chinese goods from 10 percent to 25 percent as of May 10.

Corn futures declined on follow-through selling after a bearish U.S. Department of Agriculture report released on Friday. Concerns about economic damage from U.S.-China trade frictions also weighed on corn prices. Enditem

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