CBOT soybeans plunge as Trump warns of higher tariffs on China
CHICAGO, Oct 10 (Reuters) - Chicago Board of Trade soybean futures plummeted on Friday as trade restrictions announced by China and escalating rhetoric from U.S. President Donald Trump cooled hopes of a resolution to a standoff with Washington that has halted soybean shipments.
CBOT November soybeans SX25 settled 15-1/2 cents lower at $10.06-3/4 per bushel.
CBOT December soymeal SMZ25 was $1.90 lower at $275 per short ton while December soyoil BOZ25 fell 0.97 cent to end at 49.97 cents per pound.
Trump on Friday said there was no reason to meet with Chinese President Xi Jinping in two weeks in South Korea as planned, adding in a Truth Social post that the United States is calculating a massive increase in tariffs on Chinese imports.
The soybean market has been wrestling with the absence of Chinese purchases of the new U.S. crop amid the two countries' wider trade war.
China's expansion of export controls on rare earth metals on Thursday, followed on Friday by its announcement of retaliatory port fees on vessels owned or operated by U.S. interests, dampened expectations of progress to settle the countries' trade dispute.
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