Soybeans slip ahead of USDA stocks report as China tariff cuts exclude soy
CBOT soybeans fell 0.02% to $12.97-1/2 a bushel by 0107 GMT, while wheat and corn rose; traders also monitored China’s planned tariff cuts excluding soy and US harvest progress ahead of the quarterly stocks report.
BEIJING, Sept 30 (Reuters) — Chicago soybean futures fell on Wednesday as traders adjusted positions ahead of a quarterly stocks report and the end of the month and quarter. Wheat and corn futures rose, although both contracts were on track for monthly losses. 97-1/2 a bushel by 0107 GMT. 74% for the month.
22-1/2 a bushel. 88%. China is set to cut tariffs on a broad range of US agricultural goods, from corn and wheat to meat and dairy, but top import item soybeans were excluded from a tariff-reduction list jointly issued by China's commerce ministry and the White House. Markets were monitoring US harvesting this week after forecasters said rain will continue to slow progress.
US farmers have harvested 18% of the corn crop and 17% of soybeans, matching their average pace over the past five years, the US Department of Agriculture said on Monday. Farmers are off to a slower start planting the winter wheat crop they will harvest in 2027. US winter wheat plantings were 27% complete as of Sunday, below the five-year average of 34%, USDA said after grain trading ended on Monday. The wheat market remained focused on diplomatic efforts to ease disruptions to Black Sea exports, traders said.
Traders also adjusted positions ahead of the USDA's quarterly stocks report due later today. Commodity funds were net buyers of CBOT soy and wheat, traders said on Tuesday. com)