US soybeans rise on bargain buying, China tariff decision limits gains

Chicago soybean futures rose on Tuesday as bargain buyers came in, although China's decision to leave soybeans off its tariff-cut list kept gains in check, according to Business Recorder. By 0252 GMT, the most-active CBOT contract had added 0.2% to $12.90-1/2 a bushel, recovering from Monday's slide to its lowest since August 31. Wheat edged up 0.1% to $6.89-1/4 a bushel, while corn added 0.3% to $5.24-1/4.

Beijing is lowering duties on numerous US farm products, covering grains, meat and dairy, though soybeans, the top farm import from the US, were not included. The notice implies American soybeans will still face an extra 10% tariff, which traders say private importers cannot absorb, while purchases by state buyers in China have increased. An oilseed trader in Singapore said the stance would curb demand for US cargoes as harvest begins.

Wheat firmed after touching a six-week low in the prior session, as traders hoped diplomacy would ease Black Sea grain export disruptions. Zelenskiy noted on Friday that India, Turkey and Egypt were among the Middle Eastern nations involved in talks on unblocking Black Sea shipping, while a Reuters analysis indicated Russia could bring back as much as 80% of its grain terminal capacity quickly under a ceasefire. USDA data showed 18% of corn and 17% of soybeans harvested, in line with the five-year pace.