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Global oilseed market: Tariff war casts shadow on US soybean demand outlook

Published May 21, 2024

Tridge summary

Soybean futures and prices were mixed, with U.S. futures slightly up and European futures down. The U.S. is experiencing a decrease in soybean exports to China, with Brazil taking over as the top exporter, due to additional tariffs imposed by the Biden administration. Despite potential tariffs, China is still expected to be a significant market for U.S. commodities in 2022. The loosening of drought conditions in the Midwest due to recent rainfall is helping agricultural production. However, a decrease in U.S. soybean crushing performance is not expected to result in the USDA raising its U.S. soybean crushing target. Concerns have been raised about China's response to these tariffs and their potential impact on U.S. agricultural exports.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

July soybean futures on the Chicago Board of Trade (CBOT) closed at $12.28 per bushel on Friday, up 0.7% from a week ago; the average price of U.S. Gulf soybeans for June shipping was $12.715 per bushel, up 0.6%; 7 Monthly soybean meal closed at US$368.8 per short ton, down 0.8%; July soybean oil closed at 45.27 cents per pound, up 1.9%; Euronext's August rapeseed futures closed at 478.75 euros per ton, down 0.7%; July rapeseed futures on the Intercontinental Exchange closed at 661.1 Canadian dollars per ton, down 0.4%; the FOB spot price of Argentina's Upper River soybeans was US$457 per ton (including 33% export tax), up 1.6%. ICE's U.S. dollar index on Friday It closed at 104.33 points, down 0.8% from a week ago. Tariff war casts shadow over U.S. agricultural exports to China On Tuesday, Biden announced that he would impose additional tariffs on $18 billion worth of Chinese goods, mainly including electric vehicles, solar cells, and some steel and aluminum. This is reminiscent ...
Source: Foodmate
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