Soybean Prices Rise Amid Tariff Concerns and Industry Requests

Soybeans are experiencing an increase of 10 to 12 cents this Tuesday, with new crop November contracts up by just 4½ cents. According to CmdtyView, the national front month Cash Bean price rose 12½ cents, reaching $9.40½. Meanwhile, soymeal futures have increased by $2.30 per ton, although soy oil futures have decreased by 15 points.

Tariffs on Chinese Goods Set to Increase

The additional 50% tariffs on imports from China are scheduled to take effect tomorrow, April 9, raising the total tariff rate to 104% for all Chinese goods.

Biodiesel Volume Request to the EPA

A coalition representing oil and biofuel industries has urged the EPA to establish a new biodiesel volume requirement of 5.25 billion gallons, as reported by Reuters.

USDA Update and Market Expectations

The USDA will release updates on U.S. and global balance sheets this Thursday in the monthly WASDE report. Analysts surveyed by Reuters expect the U.S. carryout figure to be reported at 379 million bushels, slightly down from last month’s 380 million bushels.

Soybean Price Overview

May 25 Soybeans are currently priced at $9.94¾, an increase of 11¾ cents. Nearby Cash stands at $9.40½, up 12½ cents.

Jul 25 Soybeans are quoted at $10.07¼, rising by 10¼ cents. Meanwhile, Nov 25 Soybeans are trading at $9.85½, up 4½ cents. Lastly, the New Crop Cash is at $9.23¼, reflecting an increase of 4¼ cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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