Soybean Prices Decline Amidst China’s Tariff Response
Soybeans are experiencing a drop of 10 to 13 cents on Tuesday following China’s overnight retaliatory actions against additional U.S. tariffs. The cmdtyView national front month Cash Bean price decreased by 10 cents to $9.34 3/4. At midday, soymeal futures fell by $4.20 per ton, while soy oil futures dropped by 50 points. Additionally, there were 1,012 deliveries reported against March soybean meal overnight, accompanied by 215 deliveries for March bean oil.
This morning, the USDA announced a private export sale of 20,000 metric tons of soybean oil to unknown destinations scheduled for shipment in 2024/25.
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In response to the recent 10% tariff imposed on Chinese goods, China has halted imports from three U.S. export firms and implemented a corresponding 10% tariff on U.S. soybean imports. Currently, there are 1.569 million metric tons left in unshipped sales to China.
The Fats & Oils report released Monday afternoon recorded January crush totals at 212.5 million bushels. This represents a decline of 2.36% from the previous month but marks a year-over-year increase of 9.41%. Additionally, bean oil stocks at the end of January were measured at 2.09 billion pounds, up 3.06% compared to last year.
March 25 Soybeans are priced at $9.86 3/4, a decrease of 11 1/2 cents.
Nearby Cash stands at $9.35 3/4, down 10 cents.
May 25 Soybeans are priced at $10.00 1/2, reflecting a drop of 11 cents.
November 25 Soybeans are at $10.05 3/4, down 13 cents.
New Crop Cash currently sits at $9.43 1/2, a decline of 12 1/4 cents.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information is provided solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.
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