November 2, 2018 / 1:31 AM / a year ago

China soymeal futures down 5 percent at open after Trump-Xi phone call

BEIJING, Nov 2 (Reuters) - China’s most actively traded soymeal futures fell by the maximum 5 percent at the market open on Friday, as traders reacted to the positive tone of a phone call between U.S. President Donald Trump and Chinese President Xi Jinping.

Soy traded on the Dalian Commodity Exchange fell to 3,106 yuan ($448.81) a tonne, the biggest daily drop since February 2013.

Rapemeal futures traded on the Zhengzhou Commodity Exchange fell 4.4 percent to 2,361 yuan per tonne, their biggest drop in more than two years.

Trump and Xi both expressed optimism about resolving a bitter trade dispute, with Trump saying on Twitter that trade discussions with China were “moving along nicely,” and that he planned to meet with Xi on the sidelines of the G20 leaders summit, after the two had a “very good” phone discussion.

The festering trade dispute has curbed almost all imports of soybeans from the United States, China’s No. 2 supplier, tightening supplies of the beans used to make soymeal and driving up prices. ($1 = 6.9205 Chinese yuan renminbi) (Reporting by Dominique Patton; editing by Richard Pullin)

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