Soybeans Head for Best Week Since September
Soybean futures surpassed $10.30 per bushel on Friday, poised for a weekly increase exceeding 5%, marking their largest surge since September 2024. This uptick followed President Trump's decision to defer some planned tariff escalations and the U.S. Department of Agriculture's (USDA) revised supply projections. Additionally, a significantly weakened dollar, resulting from intensified trade tensions between the United States and China, contributed to the price boost. China's Ministry of Commerce, on Friday, announced an increase in tariffs on all U.S. imports to 125%, in response to President Trump's previous day's decision to elevate tariffs on Chinese goods to 145%. In contrast, tariffs imposed on other key trading partners were reduced to a basic rate of 10%. Concurrently, the USDA updated its U.S. soybean supply estimates, reducing the forecast for 2024-25 ending stocks to 375 million bushels from a prior estimate of 380 million, which was below market expectations. The agency also raised its predictions for global soybean stock levels.
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