CBOT soybean a tad up after plunging Fri amid China's retaliatory tariffs
This story was originally published at 12:33 IST on 7 April 2025
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NEW DELHI – Futures contracts of soybean on the Chicago Board of Trade rose slightly Monday after witnessing the commodity's largest daily percentage drop since June 2023 on Friday amid China's retaliatory tariffs and bumper production. Friday, China announced a 34% duty on US goods and soybean prices fell 3.4% to $9.77 a bushel. The duty will be applicable from Thursday.
At the time of writing, the most active May contract of soybean was at $9.81 a bushel, up 0.4% from the previous close. Chinese tariffs are in response to President Donald Trump's 34% levies on Chinese imports announced last week. Beijing has already imposed 10%-15% tariff on roughly $21 billion worth of US agricultural imports from Mar. 10.
"This is going to cost the US a lot of export business," Reuters quoted Jack Scoville, vice-president of the Chicago-based Price Futures Group. "We're pissing off everybody. That's the problem. Where are we going to turn if we've slapped everybody with tariffs?," Scoville added.
On Friday, soybean futures took the hardest hit amid the tariff war between the two countries. Bumper production in major soybean-producing countries, including the US and Brazil also weighed on prices. China's biggest imports from the US are soybeans, oilseeds, and grains.
"Brazil will be by far the main beneficiary, the biggest supplier that can replace U.S. soybeans to China. But others could benefit, too, including Argentina and Paraguay. On wheat, Australia and Argentina should benefit," Reuters quoted Carlos Mera, head of Agricultural Market Research at Rabobank. End
US$1 = INR 85.81
Reported by Afra Abubacker
Edited by Deepshikha Bhardwaj
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