China's soyameal futures fell more than 3 percent in early trade, posting their biggest daily loss since November 2019, after US soyabean prices dropped amid easing worries over bad weather. The most actively traded soyameal futures traded on Dalian Commodity Exchange slid 3.36 percent to 2,877 yuan ($416.11) per tonne, after rising nearly 15 percent over last month following renewed escalation of Sino-US trade tensions.
Soyameal prices were also weighed down on reports of a scheduled meeting between senior leaders from China and the United States this weekend, raising hopes in a trade dispute that has been deteriorating since early May. US Treasury Secretary Steven Mnuchin was scheduled to meet with Chinese central banker Yi Gang this weekend at a gathering of G20 finance leaders in Japan, marking the first face-to-face discussion between key US and Chinese trade negotiators in nearly a month.
The most active US soyabean futures were down 0.3% at $8.67 a bushel, having closed down 1.4% on Wednesday, amid easing concerns about the state of North American crops following flooding. Soyameal prices were also checked as an African swine fever disease ravages the world's top pig herd, curbing demand for feed.