CHICAGO, May 11 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed lower on Friday with trade tensions with China sending soybean market significantly lower.
The most active corn contract for July delivery fell 5.5 cents, or 1.37 percent to settle at 3.965 dollars per bushel. July wheat delivery went down 7.75 cents, or 1.53 percent to close at 4.9875 dollars per bushel. July soybeans were down 18 cents, or 1.76 percent to settle at 10.0325 dollars per bushel.
Soybean futures suffered double digit losses after China, the biggest importer of U.S. soybeans, predicted a decline in the oil seed import for the first time in 15 years.
According to the official website of Chinese Ministry of Agriculture and rural affairs, soybean imports are expected to fall 0.3 percent in 2018/19 to about 95.65 million metric tons, while the planting hectares of soybeans in China will be increased by 7.8 percent over 2017/18.
U.S. traders view the projected decline of China's soybean imports as a result of trade tensions between the two countries.
Meanwhile, rising U.S. ending stocks of corn and wheat in 2017/18 continued to drag down their prices.
On Friday, CBOT brokers estimated that funds sold 14,700 contracts of corn, 10,400 contracts of soybeans, and 3,700 contracts of wheat.
Funds' mangers were liquidating CBOT length amid uncertain U.S.-China and NAFTA negotiations, said analysts with AgResource, an agricultural research and advisory firm.
Technical selling ahead of weekend also led to the market fall.
