CBOT soybeans up over short-covering amid escalating trade tensions

CHICAGO - Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with soybeans rising over short-covering and wheat falling on profit-taking.

The most active corn contract for December delivery rose 3 cents, or 0.79 percent to settle at 3.8425 dollars per bushel. September wheat went down 4.25 cents, or 0.76 percent to close at 5.5625 dollars per bushel. November soybeans were up 4.75 cents, or 0.53 percent to settle at 9.0225 dollars per bushel.

Concerns over flared up trade tensions between the U.S. and China had dragged down the oil seed prices in the past two session, but short-covering lifted the prices on Friday.

However, analysts said the pressure on soybeans will continue as new round of tariffs are weighing on the futures in the market.

"The Trump Administration thinks that they can bully China into trade admission or negotiations. Recent history proves that this strategy is not working, and is unlikely to work," said a commentary on Friday from the AgResource Company, a Chicago-based agricultural research firm.

CBOT wheat, which had posted gains in four straight sessions over falling world supply due to extreme weather conditions, retreated on Friday as a result of profit-taking.