Soybeans ease ahead of USDA stocks report, tariff cuts exclude soy
DBA•Chicago soybean futures fell 0.06% to $12.97 a bushel ahead of a USDA quarterly stocks report, while soybeans were excluded from a tariff-reduction list following a US-China summit.
1. Soybeans edge lower
The most-active Chicago soybean contract fell 0.06% to $12.97 a bushel by 0705 GMT on Wednesday as traders adjusted positions ahead of a USDA quarterly stocks report and the end of the month and quarter. The contract was up 0.74% for the month.
2. Tariff list weighs
Soybeans had earlier been supported by expectations of a larger US-China soybean deal. Prices came under pressure after soybeans were excluded from a tariff-reduction list issued following last week's summit, dampening hopes of renewed purchases by private Chinese crushers of US supplies.
3. Harvest and other grains
Markets were also monitoring the US harvest, as continued rain could slow fieldwork. Farmers had harvested 18% of the corn crop and 17% of soybeans, matching their five-year average pace, USDA data showed. Wheat was unchanged at $6.92-3/4 a bushel and corn rose 0.05% to $5.22-1/4.
