Soybeans ease ahead of USDA stocks report, tariff cuts exclude soy
SOYB•Chicago soybean futures fell 0.02% to $12.97-1/2 a bushel ahead of a USDA quarterly stocks report, while wheat and corn rose. China’s tariff-reduction list for US agricultural goods excluded soybeans.
1. Grains trade mixed
The most-active Chicago soybean contract fell 0.02% to $12.97-1/2 a bushel by 0107 GMT. Wheat rose 0.11% to $6.93-1/2 a bushel and corn gained 0.1% to $5.22-1/2.
2. Tariffs and harvests
China’s planned tariff cuts cover a range of US agricultural goods, including corn and wheat, but exclude soybeans. US farmers had harvested 18% of the corn crop and 17% of soybeans, matching five-year averages, while winter wheat planting was 27% complete, below its five-year average of 34%. Traders were also monitoring harvest progress and awaiting the USDA’s quarterly stocks report.
