Key facts
- CBOT corn, soybean, and wheat futures fell due to concerns over US tariffs on China.
- Speculation exists that China may break a trade deal involving 25 MMTs of US soybeans.
- AgResource Company doubts the tariffs will damage the US-China trade deal.
- Soybean exports increased by 115,000 MT from the previous week.
- Cumulative soybean exports are up 5.6% year-to-date.
- USDA projects global soybean exports to be up 1.3% from a year ago.
CBOT corn, soybean, and wheat futures experienced a significant price decline. This downturn is attributed to discussions among traders regarding new US tariffs proposed under Section 301. There is speculation that these tariffs could prompt China to withdraw from a trade agreement involving 25 million metric tons of US soybeans and $17 billion in goods. Despite these concerns, AgResource Company has expressed doubt that the newly proposed tariffs will ultimately damage the existing trade deal between the US and China.