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Home » Soybeans Close Just Shy of $10

Soybeans Close Just Shy of $10

March 5, 20253 Mins Read News
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At the close on Tuesday, May corn was down 4¾¢ at $4.51½ per bushel.

May soybeans closed down 12½¢ at $9.99 per bushel.

May wheat contracts were also lower. CBOT wheat closed down 11¢ at $5.36¾ per bushel. KC wheat was down 13½¢ at $5.48½. Minneapolis wheat was down 11¼¢ at $5.80.

Trade tariffs were once again the hot topic today.

“[Corn] futures ended the day lower as tariff concerns and retaliatory measures weighed on the market,” said the Grain Market Insider newsletter by Stewart-Peterson Inc. “May corn futures are now testing key support near $4.50.” The newsletter also cited tariffs as a cause for the direction of soybean and wheat futures price activity today.

Grain Market Insider also noted, “In response to Trump’s announcement to double tariffs on Chinese goods to 20%, China stated it would halt soybean imports from three U.S. entities, suspend lumber imports, and impose a 15% tariff on other U.S. agricultural products.”

One bright spot for the day: Cattle closed in the green. April live cattle closed up $2.40 at $194.65 per hundredweight (cwt). April feeder cattle were up 45¢ at $272.50 per cwt. However, April lean hogs closed down $1.35 at $82.35 per cwt.

Ahead of 3:30 p.m. CT, April crude oil was down 70¢ at $67.67 per barrel.

March S&P 500 futures and Dow futures were down 23 points and 346 points, respectively.

Published: 3:50 p.m. CT

Soybeans Sink Below $10: 9:31 a.m. CT

Shortly before 9 a.m. CT, May corn was down 6½¢ at $4.49¾ per bushel.

May soybeans were down 15¢ at $9.96½ per bushel.

May wheat contracts were also lower. CBOT wheat was down 11¢ at $5.36¾ per bushel. KC wheat was down 13¼¢ at $5.48¾. Minneapolis wheat was down 6¾¢ at $5.84½.

“As tariffs take effect today, watch for any last-minute negotiations,” said Cole Raisbeck, commodities broker with Kluis Commodity Advisors. “Keep an eye on potential retaliatory measures from Canada, Mexico, and China. Has the market already priced in these tariffs? Or is more volatility ahead?”

Earlier this morning, USDA announced new export sales:

  • South Korea is buying 130,000 metric tons of white wheat for the 2024/2025 marketing year
  • Unknown destinations are buying 20,000 metric tons of soybean oil for the 2024/2025 marketing year.

April livestock were in the red a little before 9 a.m. CT. Live cattle were down $1.65 at $190.60 per hundredweight (cwt). Feeder cattle were down $3.55 at $268.50 per cwt. Lean hogs were down $1.33 at $82.38 per cwt.

April crude oil was down $1.40 at $66.97 per barrel.

The U.S. Dollar Index March contract was down to 106.17.

March S&P 500 futures were down 69 points. March Dow futures were down 547 points.

Published: 9:31 a.m. CT

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