Soybeans dive on Trump tariff fears - CBOT
March soybeans settled down 10-3/4 cents
28 January 2025
1 minute read
By: Chicago Board of Trade (CBOT) soybean futures closed lower on Monday as traders worried about the impact of potential tariffs threatened by US President Donald Trump on goods from countries such as Mexico, Canada and China, Reuters reported, citing analysts.
CBOT March soybeans settled down 10-3/4 cents at $10.45 per bushel.
CBOT March soymeal ended down $4.10 to $300.80 per short ton, while March soy oil fell 0.22 cent to 45 cents per pound.
Brazil's 2024/25 soybean crop is expected to total 171 million metric tons, agribusiness consultancy AgRural said on Monday, lowering its forecast by 500,000 tons due to lower yields in the states of Mato Grosso do Sul, Parana and Rio Grande do Sul.
Soybeans were pressured by Argentina's cuts in grain export taxes, which raised expectations of larger shipments from the South American producer in competition with US supplies, analysts said.
China's upcoming Lunar New Year holiday is expected to slow export trade with the leading buyer of soybeans, analysts said.
The US Department of Agriculture reported export inspections of US soybeans in the latest week at 729,362 metric tons, below trade expectations for 800,000-1,250,000 tons.
