Soybean Futures Rise on Chicago Exchange Amid Trade Tensions
Trading on the Chicago commodity exchange on Monday, April 25, saw an increase in soybean futures. At the same time, spot prices for soybeans and corn delivered to terminals on the U.S. Gulf Coast continued to decline due to tensions in the global trade war.
This is reported by AgroReview
U.S. President Donald Trump threatened to raise tariffs on imports from China. This was in response to countermeasures imposed by China, including additional tariffs of 34% on American goods. Such actions by China, in turn, reduced demand for American soybeans, which are a key export product to China.
Price Dynamics of Soybeans and Corn
On Monday, soybean futures rose by 6 cents, closing at $9.83 per bushel, despite an unstable trading session. The day before, the contract had reached new lows not seen since December 19. Soymeal futures also increased by $5.30 to $288.40 per short ton, while soybean oil futures fell by 0.69 cents to 45.15 cents per pound.
Export Figures and Weather Conditions in Brazil
According to the U.S. Department of Agriculture report, for the week ending April 3, 804,270 tons of soybeans were shipped, which is 1.1% less than the previous week but 63.5% more compared to the same period in 2024. China remained the largest buyer, receiving 341,278 tons despite the introduction of new tariffs.
In Brazil, where farmers have harvested 87% of the soybean planting area, this year’s forecast promises a good harvest, as the rains that fell last week positively impacted conditions for corn cultivation. It is expected that the second crop of corn could account for over 75% of the total harvest in Brazil for the 2024/25 season.
Amid unfavorable weather conditions in the U.S. and heavy rains affecting crops, the corn market is also showing growth. Corn futures closed at $4.64 per bushel, which is 4.25 cents higher than the previous day.
“Last week, a new wave of long-awaited rains fell in several areas of second-crop corn cultivation in the southern central part of Brazil,” noted agrometeorologist Marco Antonio dos Santos.