Soybean Futures Drop Monday as China’s Tariff Exemptions Exclude US Beans

Soybean futures finished a sharply lower Monday session, with contracts falling between 17 and 30.75 cents across the board. The cmdtyView national average cash bean price dropped 29.5 cents to $12.32. Meanwhile, soymeal futures declined by $3.60 to $12.20, while soy oil futures slipped by 10 to 21 points.

Following last week’s US-China trade discussions, China reduced tariffs on a variety of US goods but excluded soybeans from the list. This exclusion is expected to restrict US soybean export business primarily to state-owned entities, which remain exempt from the 10% tariff.

According to the USDA’s Crop Progress report released on Monday, 75% of the US soybean crop had dropped leaves as of September 27. Harvest progress was reported at 17% complete, aligning with the historical average. Crop condition ratings remained steady at 58% good to excellent, with the Brugler500 index assessed at 352.

The Monday Export Inspections report recorded soybean shipments of 1.153 million metric tons (42.36 million bushels) for the week ending September 24. This volume represents a 49.8% increase from the previous week and is 88.8% higher than the same week last year. China was the leading destination, receiving 806,776 metric tons, followed by Egypt with 114,362 metric tons and Japan with 50,777 metric tons. For the marketing year, soybean shipments have reached 2.844 million metric tons (104.5 million bushels), putting them 25.7% ahead of the pace set during the same period last year.

AgRural estimates that Brazilian soybean planting in the Center-South Region stood at 3.4% as of Thursday, closely trailing the 3.2% pace recorded during the same period last year.

The National Agricultural Statistics Service (NASS) is scheduled to release the Grain Stocks report on Wednesday. Analysts surveyed by Bloomberg anticipate a stockpile of 321 million bushels of soybeans as of the end of August, which would be lower than the 325 million bushels recorded at the same time last year if realized.

Looking at the closing prices on Monday:

• November 2026 Soybeans closed at $12.8825, down 30.75 cents.
• Nearby Cash soybeans were quoted at $12.32, down 29.5 cents.
• January 2027 Soybeans closed at $13.03, down 29.5 cents.
• March 2027 Soybeans closed at $13.12, down 27.5 cents.

Source link