Soybean Market Sees Price Adjustments and Tariff Impacts
Soybeans experienced continued price movement following Monday’s trends, with front months rising between 4 ¼ to 9 ¾ cents. In contrast, new crop contracts dipped by 2 to 5 cents at the market close. CmdtyView reported that the national front month Cash Bean price increased by 11 cents, settling at $9.38. Additionally, soymeal futures gained a dime to reach $2.60 per ton, while soy oil futures fell back by 15 to 29 points.
Upcoming Tariff Changes
The 50% tariffs on imports from China are set to take effect tomorrow, April 9, bringing the total tariff rate to 104% on all Chinese goods.
Industry Insights on Biodiesel Production
A coalition of representatives from the oil and biofuel sectors has urged the Environmental Protection Agency (EPA) to establish a new biodiesel production volume target of 5.25 billion gallons, as reported by Reuters. While this figure marks an increase from the current production level of 3.35 billion gallons, it falls short of the initially projected range of 5.5 to 5.75 billion gallons.
Upcoming USDA Reports
The U.S. Department of Agriculture (USDA) is scheduled to release updates on both U.S. and world balance sheets on Thursday through the monthly World Agricultural Supply and Demand Estimates (WASDE). Analysts surveyed by Reuters anticipate a U.S. carryout figure of 379 million bushels, slightly down from 380 million bushels reported last month.
Current Soybean Prices
May 2025 Soybeans closed at $9.92 ¾, up by 9 ¾ cents.
Nearby Cash was recorded at $9.38 1/1, rising 11 cents.
July 2025 Soybeans ended at $10.04, increasing by 7 cents.
November 2025 Soybeans closed at $9.77 ¾, reflecting a decrease of 3 ¼ cents.
New Crop Cash was $9.16 ¼, down by 2 ¾ cents.
On the date of publication, Austin Schroeder did not hold any direct or indirect positions in the securities mentioned in this article. All information and data presented herein are solely for informational purposes. For further information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein reflect those of the author and do not necessarily represent those of Nasdaq, Inc.
