Soybeans Collapsing Back to the $10 Level Following President Trump Post
Soybeans are falling at midday, with losses of 16 to 17 cents so far on the day. The cmdtyView national average Cash Bean price is 16 3/4 cents lower at $9.30. Soymeal futures are down 90 cents to $1.80 in the front months. There were another 9 deliveries against October meal overnight. Soy Oil is down 112 points on the day amid pressure from $2.55 losses in crude oil. The CBOT reported 16 deliveries for October bean oil overnight.
Earlier this morning, President Trump posted on Truth Social that China is becoming “hostile” in response to Chinese export control over rare earth minerals. In a lengthy post, he mentioned that he now may not be meeting with President Xi later this month in South Korea and “one of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products.” The market is being pressured by the increased trade rhetoric that is not perceived as leading to a trade deal anytime soon, nor does it ease tensions for China to come in for any ‘good will’ buying.
Nov 25 Soybeans are at $10.05 1/2, down 16 3/4 cents,
Nearby Cash is at $9.30, down 16 3/4 cents,
Jan 26 Soybeans are at $10.21 3/4, down 16 3/4 cents,
Mar 26 Soybeans are at $10.35 1/2, down 16 3/4 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.