Friday , July 23 2021

GRAINS-Soybeans appeared after Trump's comments about China and trade Agricultural Commodities



    (Updates at closing prices)
By Julie Ingwersen
CHICAGO, November 16 (Reuters) - US soybean soybean ends
higher on Friday after a rebound on President Donald Trump
commenting that his government might not need to impose further
tariffs in China, the biggest buyer of soybeans in the world.
Wheat was added to the beginning of progress and corn was pared afterwards
comment.
Trump has imposed tariffs on $ 250 billion of Chinese imports
to force concessions from Beijing on the list of demands
will change the terms of trade between the two countries. China
has responded with US goods import tariffs, including
soy.
Trump also threatened to impose a tariff for all remaining
Chinese imports, worth $ 267 billion, if Beijing fails
address US demands.
"We may not need to do that," Trump told reporters
Friday. "China wants to make a deal."
On the Chicago Board of Trade, soybeans in January
settled 3-1 / 2 cents at $ 8.92-1 / 4 per bushel, after dipping it in
$ 8.81-3 / 4.
CBOT, December wheat, ended 1-1 / 4 cents to $ 5.06-3 / 4
bushel while December corn drops 2-3 / 4 cents to finish
$ 3.64-3 / 4 per bushel.
Trump's comments sparked a bounce in the soybean market that it has
very sensitive to news about US-China trade relations.
US soybean shipments to China have dried up in recent months
after Beijing raised rates as part of a trade dispute
between the two largest economies in the world.
Expected meeting between Trump and Chinese President Xi
Jinping on the sidelines of the G20 meeting in two weeks has increased
hope of a settlement.
"You have a lot of speculative shorts on the soybean market
it's nervous. They are the basis of bearish soybeans, but
know that if there is an agreement, they are at risk, "Arlan said
Suderman, commodity economist head of FCL Interst.
Soymeal futures got an additional boost after the US.
The Ministry of Agriculture reports export sales at the latest
week at 432,300 tons, surpassing trade expectations.

CBOT wheat is closed mixed, with a December increase nearby
against returning months on technical purchases and short-covering.
Corn futures eased even though the USDA reported weekly corn
export sales of 893,900 tons (years old and new plants)
combined), towards high trading expectations.

Traders still absorb the USDA larger than expected
predictions of world corn reserves, said Jason Roose of the US based in Iowa.
Commodities.
The USDA on November 8 almost doubled its global forecast
2018/19 corn ends up to 307.5 million tons of stock, from 159.35
million previously, reflecting revised Chinese stock figures.
"There's still no shortage of wheat," Roose said.

CBOT settlement price:
Net Volume Points
Recent changes to changes
CBOT wheat WZ8 506.75 1.25 0.3 40155
CBOT corn CZ8 364.75 -2.75 -0.8 163026
CBOT SF9 892.25 Soybean 3.50 0.4 71310
CBOT soymeal SMZ8 310.90 5.50 1.8 47721
CBOT soyoil BOZ8 27.37 -0.32 -1.2 51822
NOTE: December CBOT is wheat and corn and January soybeans
displayed in cents per bushel, soymeal in December in dollars per short
ton and soyoil Desember cents per lb.

(Additional reporting by Gus Trompiz in Paris and Manolo
Serapio Jr. in Manila; Editing by Louise Heavens, James
Dalgleish and Richard Chang)
  

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