CBOT soybean futures plunge as China tariff cuts exclude soybeans

Soybean futures plunged on long liquidation after China’s tariff-reduction list excluded soybeans, the largest U.S. agricultural export to China. The cuts cover U.S. corn, wheat, sorghum, soyoil and soymeal, among other goods. Traders said the exclusion was bearish, while large fund long positions left soybeans and soymeal vulnerable to liquidation.

The most-active soybean contract settled down 30-3/4 cents at $12.88-1/4 per bushel after reaching $12.79-1/4, its lowest level since August 31. Corn closed down 5-1/4 cents at $5.23 per bushel, and wheat fell 14-1/2 cents to $6.88-3/4.

Wheat traders remained focused on diplomatic efforts to ease disruptions to Black Sea grain exports. Ukrainian President Volodymyr Zelenskiy said India, Turkey, Egypt and other Middle Eastern countries were participating in talks on unblocking shipping; Turkey had submitted shipping-security proposals to Moscow.