US soybeans rise on bargain buying, China tariff decision limits gains
SINGAPORE: Chicago soybean futures climbed on Tuesday on bargain buying, although gains were capped after China excluded soybeans from a list of US agricultural products eligible for tariff cuts. Wheat firmed after falling to a six-week low in the previous session on optimism that diplomatic efforts could ease disruptions to Black Sea grain exports. “China’s plans to keep tariffs on US soybeans…
US soybean futures rose on Tuesday due to bargain buying, but gains were limited by China's decision to exclude soybeans from a list of agricultural products eligible for tariff cuts. Wheat also saw a slight increase after falling to a six-week low the previous day, as traders hoped diplomatic efforts could ease disruptions to Black Sea grain exports.
The most-active soybean contract on the Chicago Board of Trade rose 0.2% to $12.90-1/2 a bushel, while wheat edged up 0.1% to $6.89-1/4 a bushel. Corn gained 0.3% to $5.24-1/4 a bushel. Despite China's plans to lower tariffs on a broad range of US agricultural products, including corn, wheat, meat, and dairy, soybeans remain subject to a 10% tariff, which traders believe is too high for private importers to absorb.
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