Soybeans Climb to Highest Since July as Tariff Worries Ease

Published Feb 5, 2025

Tridge summary

Chicago Board of Trade soybean futures reached their highest level since July, wheat futures reached their highest level since November, and corn prices hovered near an October 2023 high, due to eased concerns over trade disputes potentially disrupting U.S. agricultural exports. The suspension of planned U.S. tariffs against Mexico and Canada, and limited retaliatory tariffs by China, contributed to the rebound in CBOT grains. Technical buying and weakness in the dollar also supported the gains. However, the soy market was capped by a slide in by-product soyoil due to the delay of U.S. tariffs against Canada. The U.S. Department of Agriculture confirmed private sales of 132,000 metric tons of U.S. corn to South Korea.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago Board of Trade soybean futures jumped to their highest level since July on Tuesday as concerns eased that trade disputes will disrupt U.S. agricultural exports, analysts said. Wheat futures Wv1 reached their highest level since November, while corn prices Cv1 hovered near an October 2023 high reached last week. Traders have recently been focused on the risk that anticipated tariffs against Canada, Mexico and China could hurt demand for U.S. farm goods as all three nations are major importers. But U.S. President Donald Trump on Monday postponed tariffs against Mexico and Canada for a month, while China, the world’s biggest soybean importer, imposed limited retaliatory tariffs on U.S. goodson Tuesday that did not include the oilseed. Reports that Trump planned to speak with Chinese President Xi Jinping also suggested to traders that there was scope for China to also receive a temporary reprieve. “The general feeling is that China is not going to fight too hard on a ...

Source: UkrAgroConsult