News that China was retaliating with their own tariffs on $60 billion of U.S. goods drove soybeans down early in the session. But, the path for soybean prices still looks very bearish. DTN says CNBC.com reported there are no plans yet for U.S. and Chinese trade negotiators to meet again. USDA estimated on Friday that U.S. ending soybean stocks just short of 1-billion bushels after dropping the export estimate by 100-million bushels. Monday’s inspections report was bearish, with 18.9 million bushels of soybeans inspected for export last week, well below the 31 million bushels needed each week to meet USDA’s new export estimate of 1.775 billion bushels.
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