Soybeans falls for first session in four on trade jitters

Economies.com
2018-11-19 20:43PM UTC

Soybean futures fell nearly two percent in American trade to November 8 lows, while the dollar index fell off January 2017 highs for the fourth session out of six amid continued US-China trade concerns. 

 

As of 08:31 GMT, soybean futures due in December fell 2.07% to $8.7375, marking two-week lows, while the dollar index shed 0.27% to 96.21 away from early 2017 highs. 

 

Earlier US data showed an index tracking housing prices receded to 60 in November from 68.

 

Federal Reserve Bank of New York President John Williams spoke today at the New York City Hispanic Chamber of Commerce, where he noted how the US economy is performing well and creating many job opportunities, but long-term challenges remain. 

 

He asserted the Federal Reserve is not on a "pre-set" course, but rather depends on data and economic developments, with a gradual pace of policy tightening. 

 

Concerns grew after US Vice President Mike Pence launched an attack on China, while the Asia-Pacific Economic Cooperation (APEC) Summit held in Papua New Guinea failed to reach a joint statement for the first time in its history due to internal disagreements. 

 

In recent remarks, US President Donald Trump expressed hopes for reaching a trade deal with China, however the US might resort to imposing further tariffs on China if both sides failed to reach an understanding, as markets await a summit between Trump and his Chinese counterpart Xi Jinping on the sides of the G20 Summit in Argentina. 

 

USDA Reports Inspections, Harvest 

 

Last Tuesday, the US Department of Agriculture reported that 88% of total soybean product has been harvested until last Sunday, up 5% from the previous week, and compared to 90% in the same period of last year.

 

As for inspections, they amounted to 1.30 million tonnes of soybean product destined for export in the week ending November 8, up from 1.24 million in the previous week, while below 2.19 million in the same period of last year. 

 

Total inspected soybean product is now up to 9.91 million tonnes, still below 17.1 million in the same period of last year as China cut purchases from the US amid an escalating trade dispute. 

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