China's soymeal futures drop 2 pc, on track for biggest daily drop since June
The White House economic adviser Larry Kudlow said on Wednesday U.S. President Donald Trump has not "set in stone" any decisions on escalating tariffs on Chinese goods.
China's soymeal futures fall 2 pct in early trade on Thursday, on track for their biggest daily drop since June, following U.S. official comments interpreted as easing signs of a lasting trade war. The most actively traded soymeal futures on Dalian Commodity Exchange fell 2 per cent to 3,248 yuan ($466.20) per tonne.
"Market has been quite bearish on soymeal, with African swine fever, approving imports of rapeseed meal from India and lowering protein levels in animal feed. The news, interpreted as softening stance on trade war, further pushed down prices," said Pan Tiantian, an analyst with Zheshang Futures.
China's soybean futures also dropped 1 per cent to 3,545 yuan per tonne on the report ($1 = 6.9670 Chinese yuan).
(With inputs from agencies.)