September 13, 2018 / 1:37 AM / a month ago

China's soymeal futures fall 3 pct at open after U.S. invites China to talks

BEIJING, Sept 13 (Reuters) -

* China’s soymeal futures on the Dalian Commodity Exchange dropped 3 percent at the open on Thursday, following news overnight that the Trump administration had invited Chinese officials to restart trade talks

* Soymeal prices, hovering around 3,090 yuan ($450.61) per tonne, were on track for their worst daily performance since November 2016

* Rapemeal futures, traded on the Zhengzhou Commodity Exchange, fell 2.3 percent to 2,336 yuan per tonne, while Dalian soybean futures were also down 1.5 percent in early trade

* News of the talks is bearish for soymeal, said Cofco Futures analyst Yang Linqin, as the talks raise the prospect that China could lift tariffs on U.S. soybean imports in place since July

* The tariffs have curbed Chinese soybean imports, threatening to tighten soymeal supplies for China’s huge livestock herd ($1 = 6.8574 Chinese yuan renminbi) (Reporting by Dominique Patton)

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