Soybeans Slip Lower on Wednesday, with Reciprocal Tariffs Announced
Soybeans pulled off the lows on Wednesday, but still closed in the red, down 2 to 5 cents. CmdtyView's national front month Cash Bean price was down 5 cents at $9.73. Soymeal futures were down $3.20 to $5.10/ton at the close, with Soy Oil futures up another 66 to 111 points to close out the day.
President Trump's 'Liberation Day' tariffs came with reciprocal tariffs on China at 34% (54% including the initial set of tariffs from earlier this year), with the EU a 20%. They go into effect on April 9.
USDA reported a private export sale of 135,000 MT of soybean meal for 2024/25 shipment to the Philippines this morning.
Weekly Export Sales data will be released on Thursday morning, with traders looking for 250,000-800,000 MT in old crop soybean sales during the week of March 27. Sales for new crop are seen in the range of 0-50,000 MT. Soybean meal sales are estimated to be between 100,000-300,000 MT, with 5,000-40,000 MT for soy oil.
May 25 Soybeans closed at $10.29 1/2, down 4 3/4 cents,
Nearby Cash was $9.73, down 5 cents,
Jul 25 Soybeans closed at $10.45, down 4 1/4 cents,
Nov 25 Soybeans closed at $10.37 1/4, down 2 cents,
New Crop Cash was $9.75 1/1, down 2 3/4 cents,
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