Soybean Market Sees Strong Gains Amid China’s Tariff Response

The soybean market is trading with notable double-digit gains on Friday, as contracts rise between 14 to 19 cents. CmdtyView’s national front-month Cash Bean price increased by 14 1/2 cents, reaching $9.90 1/4. Additionally, soymeal futures gained $2.20 per ton, while soy oil futures climbed 96 points higher.

In related news, China has retaliated against the US by imposing a total tariff of 125% on all US goods, a significant escalation in trade tensions.

A private export sale of 121,000 metric tons of soybeans was reported this morning, with 55,000 metric tons attributed to old crop sales and 66,000 metric tons to new crop sales. This indicates continued global demand for US soybeans.

According to the USDA’s Export Sales report, total soybean export commitments reached 46.343 million metric tons through April 3. This figure represents 93% of the USDA’s projection of 1.825 billion bushels, falling short of the 94% 5-year average pace. However, export shipments are currently at 84% of the USDA’s shipping estimate, slightly ahead of the 83% average shipping rate.

Current Soybean Prices

May 25 Soybeans are priced at $10.43 1/4, reflecting an increase of 14 1/4 cents.

Nearby Cash stands at $9.90 1/4, up by 14 1/2 cents.

Jul 25 Soybeans are now at $10.51 3/4, showing a rise of 15 cents.

Nov 25 Soybeans have increased to $10.23 1/2, marking a gain of 18 3/4 cents.

New Crop Cash is priced at $9.63 1/2, up by 18 3/4 cents.

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

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