Soybean Rally Off Tuesday’s Lows to Post 7-Month High
The soybean market posted 10 to 17 cent gains on the Tuesday session. Contracts were well off their overnight lows as beans were left off a list of Chinese retaliatory tariffs. CmdtyView’s national front month Cash Bean price was up 16 cents at $10.13 1/4. Soymeal futures were up $10.30/ton, with Soy Oil futures 75 points lower.
Meal futures were helped by dryness expected in parts of Argentina over the next week, as the growing season is getting into a more critical part of the period.
On Saturday President Trump signed an executive order to impose an additional 10% tariff on Chinese goods, starting on Tuesday. While both imports for Canada and Mexico have been pushed back, the Chinese tariffs are still in place, though President Trump is expected to meet with President XI this week. Overnight, China issued a retaliatory 15% tariffs on coal and LNG, and 10% on crude oil, ag machinery, and other automobiles starting on February 10.
Mar 25 Soybeans closed at $10.75, up 16 3/4 cents,
Nearby Cash was $10.13 1/4, up 16 cents,
May 25 Soybeans closed at $10.88, up 15 1/4 cents,
Nov 25 Soybeans closed at $10.73 1/2, up 10 1/4 cents,
New Crop Cash was $10.09, up 10 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.