U.S. soybean futures bounce off contract lows in morning trade
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E-mail Xinhua, May 15, 2019
CHICAGO, May 14 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures rebounded from lowest level in more than 10 years on Tuesday, as short-covering and bargain buying temporarily offset the influence of escalating trade frictions between the United States and China.
As of 1530 GMT, the most active July soybean was up 24.75 cents at 8.275 dollars per bushel. July corn were up 13.25 cents at 3.6975 dollars per bushel. July wheat was up 10.5 cents at 4.475 dollars per bushel.
Soybean futures fell to contract low on Monday after 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.
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 rallied on support from slow pace of planting in U.S. Midwest, and wheat futures rose on spillover support from corn, short-covering. Enditem
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