Soybeans rise to two-month high as trade tensions calm down
Soybean prices rose on Thursday as the dollar lost ground against most major rivals while the US-China trade tensions calmed down.
The US administration said it’s considering a reduction in China tariffs from 145% currently to 50%, boosting most assets.
Trump stated on Tuesday that current tariffs on Chinese imports are “too high” and won’t stay long this way, but won’t fall to zero.
Trump stated that he’s talking daily with the Chinese side to reach a deal, but China asserted there are no talks taking place currently with the US before removing unilateral tariffs.
Otherwise, earlier data showed US unemployment claims rose to 222 thousand in the week ending April 19, matching estimates and up from 216 thousand in the previous reading.
Separately, the dollar index fell 0.4% as of 18:49 GMT to 99.3, with a session-high at 99.8, and a low at 99.2.
Corn
Corn July futures rose 0.8% to $4.84.
Soybeans
Soybean July futures rose 1.2% to $10.62 a bushel.
Wheat
Wheat July futures added 0.1% to $5.44 a bushel.
US dollar declines amid trade war uncertainty
The US dollar fell against most major rivals on Thursday amid growing uncertainty about the trade war between the US and China.
The US administration said it’s considering a drop in China tariffs from 145% currently to 50%, boosting most assets.
Trump stated on Tuesday that current tariffs on Chinese imports are “too high” and won’t stay long this way, but won’t fall to zero.
Trump stated that he’s talking daily with the Chinese side to reach a deal, but China asserted there are no talks taking place currently with the US before removing unilateral tariffs.
Otherwise, earlier data showed US unemployment claims rose to 222 thousand in the week ending April 19, matching estimates and up from 216 thousand in the previous reading.
On trading, the dollar index fell 0.4% as of 16:11 GMT to 99.5, with a session-high at 99.8, and a low at 99.2.
Aussie
The Australian dollar rose 0.6% against its US counterpart as of 16:22 GMT to 0.6398.
Loonie
The Canadian dollar fell 0.1% against the US dollar to 0.7198.
Wall Street rises as analysts follow latest trade war statements
US stock indices rose on Thursday as markets analyze the latest statements and signals from China and the White House on the trade war.
Wall Street was boosted by a drop in US treasury yield while investors await important quarterly results from major tech corporations.
US 10-year treasury yields fell 4.7 basis points today to 4.34%, while two-year yields slipped to 3.83%, as 30-year yields dropped to 4.791%.
The US administration said it’s considering a drop in China tariffs from 145% currently to 50%, boosting most assets.
Trump stated on Tuesday that current tariffs on Chinese imports are “too high” and won’t stay long this way, but won’t fall to zero.
Trump stated that he’s talking daily with the Chinese side to reach a deal, but China asserted there are no talks taking place currently with the US before removing unilateral tariffs.
Otherwise, earlier data showed US unemployment claims rose to 222 thousand in the week ending April 19, matching estimates and up from 216 thousand in the previous reading.
On trading, Dow Jones rose 0.5% as of 14:53 GMT, or 185 points to 39,792 points, while S&P 500 added 1.1%, or 57 points to 5433 points, as NASDAQ rallied 1.6%, or 262 points to 16,973 points.
