Soybeans Continue Losses on Tariff Escalation
Soybeans were in full collapse mode on Friday, as contracts were down 32 to 35 cents across most contracts. May lost 46 cents on the week, with November down 44 ¾ cents. CmdtyView’s national front month Cash Bean price was down 34 1/4 cents at $9.21. Soymeal futures were down $1.90 to $5.70/ton, with Soy Oil futures back down 122 to 139 points.
In response to President Trump’s reciprocal tariffs, China issued a retaliatory tariff of 34% on all US goods overnight. There are just under 600,000 MT in unshipped sales to China, with 2.02 MMT in unshipped sales to unknown destinations (some of which may include China).
Friday afternoon’s Commitment of Traders report indicated spec traders in soybean future and options cutting back 13,112 contracts from their net short as of Tuesday. They held a net short of 29,847 contracts as of April 1.
The USDA Export Sales report showed 46.17 MMT in commitments as of March 27, which is 14% above the same period last year. That is 93% of the USDA forecast, lagging the 94% average pace.
May 25 Soybeans closed at $9.77, down 34 1/2 cents,
Nearby Cash was $9.21, down 34 1/4 cents,
Jul 25 Soybeans closed at $9.93, down 33 1/4 cents,
Nov 25 Soybeans closed at $9.84 1/4, down 32 3/4 cents,
New Crop Cash was $9.22, down 32 1/2 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.