CHICAGO: Chicago Board of Trade soybean futures fell to contract lows on Tuesday and the most-active contract settled at the lowest level in more than two years on concerns about a worsening trade fight with top importer China, traders said.
* CBOT August soybeans ended down 5-1/2 cents at $8.48 a bushel. New-crop November fell 5-1/4 cents to $8.64-1/4 a bushel, the lowest close for the most-actively traded contract since March 3, 2016.
* The August 2018 through July 2019 contracts all posted life-of-contract lows.
* Soymeal and soyoil futures also closed lower.
* The market will be closed on Wednesday for the US Independence Day holiday.
* Worries over slower U.S soybean exports to China weighed on prices, with little sign of a negotiated settlement of trade issues. Beijing says it will impose an extra 25 percent import duty on more than 500 US goods, including soybeans, on July 6 in retaliation for US tariffs on Chinese goods.
* A larger-than-expected decline in US soy crop ratings limited declines for most of the session.
* The US Department of Agriculture late Monday rated 71 percent of the US soybean crop as good to excellent, down from 73 percent the previous week. Analysts had expected a rating of 72 percent.
* CBOT July soybean deliveries totaled 692 contracts. CBOT July soyoil deliveries totaled 1,275 contracts and there were no July soymeal deliveries.
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