October 8, 2018 / 2:31 AM / 2 months ago

China soymeal futures rise 2.5 pct to record-high amid trade worries

BEIJING, Oct 8 (Reuters) -

* China soymeal futures climbed more than 2.5 percent on Monday morning to a record 3,457 yuan ($501.37) per tonne amid ongoing concerns about trade between China and the United States, a major supplier of soybeans

* That would also mark the biggest daily gain since June for the most actively traded contract on the Dalian Commodity Exchange

* China has set steep duties on imports of soybeans from the United States, reducing purchasing by the world’s top buyer of the oilseed just as it heads into its most important season for animal feed

* China imports about 60 percent of globally traded soybeans and a third comes from the U.S.

* Dalian futures were also tracking overseas markets, said Yang Linqin, analyst at Cofco Futures, after Chinese markets reopened following a week-long holiday

* Chicago soybeans rose on Monday to the highest in more than six weeks as rains in parts of the Midwest delay harvest of what is expected to be a record crop

* During the holiday, U.S. Vice President Mike Pence intensified Washington’s pressure on Beijing accusing China of “malign” efforts to undermine President Donald Trump ahead of next month’s congressional elections and reckless military actions in the South China Sea ($1 = 6.8944 Chinese yuan renminbi) ($1 = 6.8951 Chinese yuan renminbi) (Reporting by Dominique Patton Editing by Joseph Radford)

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