CHICAGO, July 7 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures rebounded at the end of the past trading week which ended July 6, thanks to bargain buying amid escalating trade tensions.
The most active contract for November soybeans went up 14.5 cents weekly, or 1.65 percent, to 8.945 dollars per bushel. December corn delivery rose 1.25 cents, or 0.47 percent, to 3.73 dollars per bushel. September wheat delivery was up 14 cents, or 2.79 percent, to 5.1525 dollars per bushel.
CBOT soy markets traded down through the July 4th holiday shortened trading week, in anticipation of U.S. and Chinese trade tariffs on Friday. Soybeans had lost some two U.S. dollars per bushel in the past months since Washington threatened to resort to protectionist tariffs against China's goods.
Despite repeated calls from U.S. soy farmers for alternative and constructive measures, the Trump administration on Friday implemented the levies on some 34 billion U.S. dollars worth of Chinese goods, and Beijing fought back with similar measures, including 25 percent tariff on U.S. soybeans.
As the market had already digested the bearish news, said analysts, bargain buying prompted a surge on Friday in soybean prices. But they added that such a rise will not last long amid increasing trade tensions.
CBOT wheat closed sharply higher this week. Premium was added amid yield downgrades in French, Germany and Black Sea area due to adverse weather conditions. A rally in EU wheat prices is putting U.S. Gulf wheat in a much more competitive position, said experts with AgResource, a Chicago-based agricultural research firm.
Corn futures ended the week almost unchanged. Weather forecasts have indicated weeks of dryness toward the end of July, with heat to impact the heart of the U.S. Corn Belt through the period.
The U.S. Department of Agriculture on Friday released its latest weekly export sales report, showing 672,800 metric tons of corn were exported vs. the trade's expectations between 750,000 and 1.4 million metric tons.
U.S. soybean export sales stood at 1.02 million metric tons, compared with the trade's expectations between 400,000 and 1 million metric tons.
Wheat export sales were at 440,000 metric tons, within the trade's expectations between 250,000 and 500,000 metric tons.
