Soybeans Holding Losses at Midday Following Tariff Announcement

Soybeans are posting lower trade on Thursday, with contracts down 15 to 18 cents at midday. CmdtyView’s national front month Cash Bean price is down 15 1/4 cents at $9.58 1/2. Soymeal futures are up $1.50/ton, with Soy Oil futures back down 167 points.

President Trump announced 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. There has been little word on any retaliatory action from either country as of midday Thursday.

Weekly Export Sales data from this morning showed the FAS report with 410,172 MT in old crop soybean sales for the week ending on March 27, in the middle of trade estimates of 250,000-800,000 MT. That was a 3-week high and 3 times the sales total from the same week last year. China was again the main buyer of 285,900 MT (with 264,000 MT switched from unknown) as Taiwan purchased 73,100 MT.  Sales for new crop were just 3,274 MT, on the low end of expectations of 0-50,000 MT.

Soybean meal sales were tallied at just 93,497 MT, below trade estimates calling for between 100,000-300,000 MT. Soybean oil sales were at 13,842 MT, a 7-week low and on the low end of the 5,000-40,000 MT the trade thoughts.

Census trade data from this morning showed February exports of soybeans at 3.07 MMT (112.66 bbu), which was down 41.17% from January, 41.75% below a year ago, and the lowest Feb total since 2020. Marketing year shipments have totaled 1.415 bbu. Meal exports during February were 1.125 MMT, down 17.64% from a year ago. Bean oil shipments were well above last year at 136,250 MT.

May 25 Soybeans  are at $10.13 3/4, down 15 3/4 cents,

Nearby Cash  is at $9.58 1/2, down 15 1/4 cents,

Jul 25 Soybeans  are at $10.28 3/4, down 16 1/4 cents,

Nov 25 Soybeans  are at $10.19 1/2, down 17 3/4 cents,

New Crop Cash  is at $9.57 1/4, down 17 3/4 cents,