Soybean Market Rallies as Tariff Changes Impact Prices

The soybean market experienced a late-session rally on Wednesday, leading to gains of 19 to 21 points. CmdtyView reported that the national front month Cash Bean price rose by 20 3/4 cents, reaching $9.59 3/4. In addition, soymeal futures climbed between 90 cents to $3.50 per ton, while soy oil futures increased by 120 to 141 points.

Late in Wednesday’s trading, President Trump announced a 90-day tariff pause for select countries, with China excluded from this reprieve. While a blanket 10% tariff remains in place for all nations, the tariffs on Chinese imports have escalated to 125%.

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The USDA disclosed a private export sale of 198,000 metric tons (MT) of soybeans to unspecified destinations this morning. Analysts project soybean sales for the 2024/25 season to range from 200,000 to 700,000 MT for the week of April 3, just ahead of Thursday’s Export Sales report. The new crop’s sales estimates are between 0 and 50,000 MT. Meanwhile, soybean meal sales expectations hover between 75,000 and 470,000 MT, and bean oil forecasts are set at 5,000 to 37,000 MT.

On Thursday, the USDA will revise the US and World balance sheets through the monthly WASDE report. Traders expect the US soybean carryout to be reported at 379 million bushels (mbu), according to a Reuters analyst survey, slightly down from last month’s figure of 380 mbu. For South America, minimal changes are expected, with Argentina’s production forecast decreasing by 0.21 MMT to 48.79 MMT, while Brazil’s estimate is adjusted up by 0.11 MMT to 169.11 MMT.

May 25 Soybeans closed at $10.12 3/4, increasing by 20 cents.

Nearby Cash reached $9.59 3/4, up 20 3/4 cents.

Jul 25 Soybeans closed at $10.23 1/2, showing a gain of 19 1/2 cents.

Nov 25 Soybeans finished at $9.97, up by 19 1/4 cents.

New Crop Cash was reported at $9.36 1/2, an increase of 19 1/4 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
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