Soybeans Fall to 1-Month Low
Soybean futures fell below $12.9 per bushel, hitting their lowest level in four weeks as disappointment over the latest US-China trade agreement weighed on demand prospects. China agreed to reduce tariffs on a range of US agricultural products, including corn, wheat, soyoil and soymeal, but US soybeans were excluded, leaving them subject to an additional 10% tariff, which continues to discourage Chinese buyers. Chinese state-owned buyers have purchased more than 12 million tonnes of US soybeans, nearly half of the 25 million tonnes the White House said Beijing committed to buying annually through 2028, but no new purchase commitments were announced and the trade truce was extended only through January 10. Meanwhile, the USDA reported harvest at 17% complete as of September 27, matching the five-year average, while export inspections rose to 1.15 million tons in the latest week from 769,698 tons previously. The crop was also rated 58% good-to-excellent, unchanged from the prior week.
9 per bushel, hitting their lowest level in four weeks as disappointment over the latest US-China trade agreement weighed on demand prospects. China agreed to reduce tariffs on a range of US agricultural products, including corn, wheat, soyoil and soymeal, but US soybeans were excluded, leaving them subject to an additional 10% tariff, which continues to discourage Chinese buyers.
Chinese state-owned buyers have purchased more than 12 million tonnes of US soybeans, nearly half of the 25 million tonnes the White House said Beijing committed to buying annually through 2028, but no new purchase commitments were announced and the trade truce was extended only through January 10. 15 million tons in the latest week from 769,698 tons previously. The crop was also rated 58% good-to-excellent, unchanged from the prior week.