Soybean futures fell on Monday, pressured by the start of Chinese tariffs, while both corn and wheat managed gains.
In reaction to tariffs on US imports of Chinese goods, China began imposing import levies today covering $21 billion worth of U.S. agricultural and food products including soybeans, wheat, meat and cotton. China has also suspended the soybean export licences of three American firms. With the US and China at trade odds, it is expected China will do more of its soybean buying from Brazil, where the 2024-25 harvest is well advanced. China is the largest buyer of American soybeans. May beans lost 11 cents to $10.14, and November was down 7 ¾ cents at $10.17 ¾.
Wheat was supported by continued concerns about dryness for winter wheat crops in both the US and Russia, the world’s top exporter. A weaker American dollar offered support to wheat as well. May Chicago was 11 ¼ cents higher at $5.62 ½, May Kansas City added 13 ¾ cents to $5.78 ½, and May Minneapolis was up 11 ¾ cents to $6.04 ½.
Short covering boosted corn. May climbed 2 ¾ cents to $4.72, and December was up ¾ of a cent to $4.55.
