After recovering from an initial move to the downside, treasuries moved modestly higher over the course of the trading session on Friday.
Bond prices turned higher as the day progressed, extending a recent upward trend. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.9 basis points to 1.755 percent.
With the turnaround, the ten-year yield closed lower for the fifth straight day, pulling back further after ending last Friday's trading at its highest closing level in over a month.
Treasuries moved to the upside following news that Chinese trade negotiators canceled a scheduled visit to U.S. farm states next week.
The Chinese delegation was in Washington this week for deputy-level trade talks and had been scheduled to visit American farms next week as a gesture of goodwill.
However, the Montana Farm Bureau revealed that the visit has been canceled, as the delegation is heading back to China sooner than expected.
The news offset some of the recent optimism about a potential end to the U.S.-China trade war, with the deputy-level talks expected to help pave the way for more productive high-level talks next month. Comments from President Donald Trump indicating he is not interest in a "partial deal" with China also dashed hopes of a possible "interim deal."
Trump also told reporters he doesn't think he needs to reach a trade deal with China before the 2020 elections, claiming the U.S. is not being affected by the trade war.
Next week's trading may be impacted by a batch of key U.S. economic data, including reports on consumer confidence, new home sales, durable goods orders and personal income and spending.
Bond traders are also likely to keep an eye on the results of the Treasury Department's auctions of two-year, five-year, and seven-year notes.