Tensions between the U.S. and China drive down soybean prices in Chicago

The November soybean contract fell 1.52%, or US$ 15.50 cents/bushel, closing at US$ 1,006.75. The January contract fell 1.47%, to US$ 1,023.25. In the derivatives market, soybean meal for October ended down 0.85%, quoted at US$ 267.40 per short ton, while soybean oil fell 1.95%, trading at US$ 49.40 per pound. The tension increased after China changed rules for the export of rare earths and applied additional tariffs on ships coming from the U.S., in response to restrictions imposed by Washington. Trump reacted by saying he was considering "a massive increase in tariffs on Chinese products" and stated that he no longer saw reasons to maintain the planned meeting with the Chinese government. These movements directly affected American producers, who were waiting for a resumption of soybean exports to China. For the week, the grain registered a fall of ...