Soybeans Sink More Than 30¢

Ahead of 9 a.m. CT, May corn was down 5¢ at $4.52½ per bushel.

May soybeans were down 30¾¢ at $9.80¾ per bushel.

May wheat contracts were also lower. CBOT wheat was down 13¼¢ at $5.22¾ per bushel. KC wheat was down 15¢ at $5.54. Minneapolis wheat was down 13¢ at $5.78¼.

In the wake of this week’s tariffs announcement from the White House, China has announced a 34% tariff on goods imported from the U.S. will take effect April 10. “China cannot afford a long-term trade war with the U.Ss, but the aggressive response to Trump’s tariffs shows they will not be backing down any time soon; they also filed a lawsuit with the World Trade Organization regarding U.S. reciprocal tariffs, and announced investigations into American exports of medical imaging equipment,” said Matt Zeller, senior market intelligence analyst at StoneX. “China still sells far more goods to the U.S. than it buys — almost $427 billion worth in 2024. It is our country’s second-largest source of imports, after Mexico. The new Chinese tariffs are set to take effect next Thursday — 12 hours after the implementation of U.S. reciprocal tariffs.”

Speaking of the overnight trading session, Zeller later added, “Corn and soybeans were minding their own business through the early morning hours, with corn actually recovering a couple cents after yesterday’s disaster, but news of China’s retaliations against U.S. tariffs sent the grains and oilseeds plummeting once again, along with the rest of the marketplace.”

June live cattle were down $2.98 at $201.73 per hundredweight (cwt) before 9 a.m. CT. May feeder cattle were down $4.30 at $278.83 per cwt. June lean hogs were down $1.78 at $93.78 per cwt.

May crude oil was down $5.55 at $61.40 per barrel.

The U.S. Dollar Index June contract was up to 101.99.

June S&P 500 futures were down 153 points. June Dow futures were down 1,040 points.

Published: 9:56 a.m. CT