Market News

Tariff concerns put pressure on soybeans

Soybeans closed lower with $50 billion of new tariffs against Chinese goods. China says they’ll retaliate. Soybean tariffs are likely on the list. The soybean crop is doing well, adding pressure.  DTN says Brazil’s record harvest in early 2018 should keep China well supplied with soybeans through the summer. There are no significant weather threats for soybeans yet.

Corn ended the session lower with the crop in generally good shape, but with some concerns because of hot weather in the western and central Corn Belt. The seven-day forecast shows moderate to heavy rain in the Corn Belt. Corn is generally bearish.

Wheat closed lower. The U.S. winter wheat harvest is making progress with a hot weekend in the southwestern and central Plains.  DTN cited wheat areas of southern Russia being dry, but Ukraine had beneficial rain this week, limiting concerns about world crops.