Soybean Market Rises as Tariff Concerns Ease

During the Tuesday trading session, the soybean market showed positive movement with gains ranging from 10 to 17 cents. Prices sharply rebounded from their overnight lows after soybeans were excluded from a list of Chinese retaliatory tariffs. CmdtyView’s national front month Cash Bean price increased by 16 cents, reaching $10.13 1/4. Soymeal futures also saw a boost, climbing $10.30 per ton, while Soy Oil futures dipped 75 points.

Market Influences from Argentina’s Dry Weather

Soymeal futures received an additional lift amid forecasts of dry weather in parts of Argentina over the next week, which is crucial as the growing season enters a more critical phase.

Impact of Recent Tariff Measures

On Saturday, President Trump signed an executive order imposing a new 10% tariff on a range of Chinese goods starting Tuesday. Although tariff measures for Canada and Mexico have been delayed, the tariffs on China still stand. A meeting between President Trump and President Xi is anticipated this week. Furthermore, China announced its own retaliatory tariffs of 15% on coal and LNG, and 10% on crude oil, agricultural machinery, and other automobiles, effective February 10.

Current Soybean Prices

Mar 25 Soybeans closed at $10.75, an increase of 16 3/4 cents,

Nearby Cash was priced at $10.13 1/4, up 16 cents,

May 25 Soybeans ended at $10.88, gaining 15 1/4 cents,

Nov 25 Soybeans closed at $10.73 1/2, up 10 1/4 cents,

New Crop Cash reached $10.09, rising by 10 cents.

As of the publication date, Austin Schroeder did not hold any positions in the securities mentioned above. All information contained in this article is intended for informational purposes only. For further details, please refer to the Barchart Disclosure Policy here.

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The opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.