Soybeans ease ahead of USDA stocks report, tariff cuts exclude soy
DBA•Chicago soybean futures fell 0.02% to $12.97-1/2 a bushel ahead of the USDA quarterly stocks report. China’s announced tariff cuts on a range of U.S. agricultural goods exclude soybeans.
1. Grain futures move
The most-active Chicago soybean contract fell 0.02% to $12.97-1/2 a bushel by 0107 GMT, while wheat rose 0.11% to $6.93-1/2 and corn gained 0.1% to $5.22-1/2. Soybeans were up 0.74% for the month; wheat was down 10.37% and corn 2.88%.
2. Tariff list excludes soy
China is set to cut tariffs on a broad range of U.S. agricultural goods, including corn and wheat, but soybeans were excluded from a tariff-reduction list jointly issued by China’s commerce ministry and the White House. Traders were also adjusting positions ahead of the USDA’s quarterly stocks report due later Wednesday.
3. Harvest and planting pace
U.S. farmers had harvested 18% of the corn crop and 17% of soybeans, matching the five-year average pace, the USDA said Monday. Winter wheat planting was 27% complete as of Sunday, below the five-year average of 34%; rain was expected to continue slowing harvest progress.
