Chicago Board of Trade soyabean futures tumbled on Wednesday after top importer China announced retaliatory tariffs on imported US soyabeans, triggering technical selling and fund long liquidation.
CBOT May soyabeans settled down 22-3/4 cents at $10.15-1/4 a bushel after touching a two-month low of $9.83-1/2 a bushel during the trading session. The benchmark contract dropped through 20-, 40-, 50-, 100-and 200-day moving averages during trading session, but closed above the 100- and 200-day.
China announced plans to impose import duties on key US imports including soyabeans, beef and corn in retaliation for US plans to impose tariffs on $50 billion in Chinese goods.
May soyameal ended up $1.80 at $381.80 per short ton while May soyaoil fell 0.66 cent to 31.68 cents per pound. The US Department of Agriculture on Wednesday confirmed private sales of 130,000 tonnes of old-crop US soyabeans to unknown destinations and 324,000 tonnes of new-crop US soyabeans to China and unknown destinations.
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