Soybean Prices Plummet as Rainfall Hits Midwest Growing Areas
Soybean prices plummeted on Friday due to impending rainfall in growing areas. The US Midwest is expected to receive heavy amounts of rain, with Iowa, Wisconsin, and northern parts of Illinois and Indiana set to receive between 25 to 75 millimetres by Wednesday.
China's reliance on US farm goods has decreased significantly since Trump's first term. In 2016, China sourced 41% of its soybeans from the US, but this number dropped to 20% in 2024 and is now at 20.63 million tonnes for the current marketing year, more than double from a year ago.
Wheat prices also fell despite growing concerns about Russia's war with Ukraine potentially encroaching onto NATO territory. The US Department of Agriculture reported wheat export commitments totaling 9.18 million tonnes, down 30% from last year and making up 44% of the USDA's export projection.