Soybeans near one-month low on exclusion from China’s proposed tariff cuts
DBA•Soybeans traded near a one-month low after being excluded from China’s proposed tariff cuts on U.S. agricultural goods. The most-active contract fell 0.3% to $12.84-3/4 a bushel, while wheat and corn also declined.
1. Soybeans slip
The most-active soybean contract fell 0.3% to $12.84-3/4 a bushel by 0034 GMT, near its weakest level since August 31. China’s proposed tariff cuts cover a broad range of U.S. agricultural goods, but soybeans were excluded; the article says they would still face an additional 10% tariff.
2. Wheat and corn
Wheat fell 0.4% to $6.86-1/4 a bushel, near a six-week low, while corn lost 0.3% to $5.21-1/4. Wheat prices were weighed by diplomatic efforts to ease disruptions to Black Sea exports.
3. Harvest progress
U.S. farmers had harvested 18% of the corn crop and 17% of soybeans, matching their average pace over the past five years, the U.S. Department of Agriculture said.
