Soybean prices fell in Chicago on mounting tensions between the US and China
Despite new US sales to China, soybean prices fell on Friday due to mounting tensions between the two countries over the crisis in Hong Kong, Agritel reports.
"Fears to see the Chinese not respecting the January 15 commitment are back. In this election year, Donald Trump may be tempted to toughen the relationship to satisfy a part of his electorate," the report reads.
The ethanol production recovered last week and inventories posted their lowest level since January.
Wheat prices rose on Friday in Chicago amid declining 2020’s crop estimates in the EU. However, US export activity remains weak and uncompetitive.
"In corn, sowing is almost complete and weather conditions are favourable, prompting funds to further increase their short positions posted at 276,000 lots as of May 26. This position is quite unusual at this time of the year when funds typically become more neutral to prepare the summer weather market," the consultancy analysts comment.
Previously reported that oilseed crops quotations on the majority of commodity exchanges were improving following oil.