July 6, 2018 / 6:32 AM / 9 months ago

CORRECTED-China soymeal futures drop over 2 pct as U.S.-China trade war escalates

(Corrects price in second bullet to 3,097 yuan not 3,046 yuan)

BEIJING, July 6 (Reuters) -

* China’s January 2019 soymeal futures fell more than 2 percent on Friday afternoon, as two of the world’s leading economies implemented a fresh round of tariffs on each other’s goods and moved closer to an all-out trade war

* The January soymeal contract traded on the Dalian Commodity Exchange was at 3,097 yuan ($465.95) a tonne, as of 0545 GMT, down 2.5 percent on the morning close, but later recovered from most of the losses

* The steep fall came after the United States imposed tariffs on $34 billion of Chinese imports. Beijing had promised to retaliate in kind.

* Some traders had, however, expected an official statement from Beijing that it had imposed retaliatory tariffs, leading to confusion in the market

* Soymeal was expected to rally on the news, as Beijing’s tariffs on soybeans imported from the United States are expected to push up costs for the key animal feed ingredient

$1 = 6.6466 Chinese yuan renminbi Reporting by Dominique Patton, Editing by Sherry Jacob-Phillips

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