SOYBEAN futures at the Chicago Board of Trade were lower on Friday, as traders tried to digest the latest tariff developments in the United States.
- Soybeans and soyoil fell sharply lower in immediate response to news the U.S. Supreme Court had declared President Donald Trump’s global tariffs illegal. Market participants were uncertain what the ruling will mean for soybean exports, especially to China.
- Trump later said he would sign an order to impose a 10 per cent global tariff under a different authority, “over and above our normal tariffs already being charged.”
- The American Soybean Association issued a statement noting that “certainty and dependable market access are essential for U.S. soy to remain competitive globally.” They called on the Trump administration to not impose tariffs through other measures.
- Weekly U.S. soybean export sales of 798,200 tonnes were up on the week but in line with pre-report expectations.
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WHEAT futures were higher, with the largest gains in Chicago soft wheat.
- Forecasts calling for warmer and drier weather conditions in parts of the U.S. Plains contributed to the short-covering rally.
- U.S. wheat export sales fell 41 per cent on the week, coming in at 288,000 tonnes. The sales were at the lower end of trade expectations.
- French soft wheat ratings were estimated at 88 per cent good to excellent by FranceAgriMer, which was down three points from last week.
CORN futures moved up in sympathy with wheat. Expectations for a reduction in U.S. corn area this spring also remained supportive.
- Weekly U.S. corn export sales of 1.47 million tonnes were down 29 per cent from the previous week and in the middle of pre-report trade estimates.
