Treasury yields rise slightly as investors bet on economy reopening

Treasury yields rose on Tuesday as investors focused on the reopening of the U.S. economy and U.S.-China relations

The yield on the benchmark 10-year Treasury note was higher at 0.675% and the yield on the 30-year bond rose to 1.477%. Bond yields rise as their prices fall.

The rise in Treasury yields, as well as U.S. equity futures, came as investors continued to look ahead to the total reopening of the American economy and bet on slow-but-sure economic growth in the months ahead. 

Treasurys weakened after Reuters reported that state-owned Chinese firms bought at least three cargos of U.S. soybeans on Monday even as sources in China said the government had told them to halt agricultural purchases.

The purchases, at least 180,000 tons of soybeans, are reportedly for shipment in October or November, the peak of the oilseed's export season and when they are usually the cheapest.

Still, news of Beijing's soybean purchases came as a relief to some traders and as a sign that U.S.-China relations may not be as bad as feared. CNBC and others reported on Monday that Beijing had ordered its state-owned agricultural firms to stop purchases of U.S. soybeans and pork after Washington threatened to eliminate special treatment of Hong Kong. 

Other markets pointed to optimism about the country reopening from the widespread mandated shutdowns due to the coronavirus. Oil added 2.7%.