Soybeans settled the Tuesday session with nearby contracts down ¼ to 2 ¼ and the rest of the board up 1 to 2 ½ cents. CmdtyView’s national front month Cash Bean price was down 2 1/4 cents at $9.33. Soymeal futures were down $1.60 to $5.60/ton on the day. Soy Oil futures were back up 89 to 138 points on the session.
President-elect Trump has threatened an additional 10% tariff on Chinese goods on top of any existing tariffs via a Truth Social post form Monday evening. This is in response to assumed drugs coming into the US from China according to the post. This would be seen as a positive for bean oil use by curbing used cooking oil imports, though potential retaliatory tariffs on beans into China is a larger risk.
Brazil’s soybean exports are expected to total 2.46 MMT during November, according to the latest ANEC estimates, which is a 340,000 MT reduction from last week’s estimate.
Jan 25 Soybeans closed at $9.83 1/2, down 2 1/4 cents,
Nearby Cash was $9.33, down 2 1/4 cents,
Mar 25 Soybeans closed at $9.94, down 1/4 cent,
Jul 25 Soybeans closed at $10.21 1/2, up 1 1/4 cents,
- Looking Beyond The Hype: What a Second Trump Term Could Mean For The Grain Markets
- What the Election Results May Mean for the Corn and Soybean Markets
- What Surprisingly Strong Cash Markets Are Saying About Corn And Soybeans
- From Breadbasket to Battleground: How Global Conflicts May Impact Grain Prices
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