Soybeans Left Out of US-China Tariff Deal, Sparking Market Concerns

The US-China agreement to cut tariffs on various goods had an unexpected effect on soybean futures. The legume was left out of the list, causing concerns about China's purchasing pace following the Trump-Xi summit.

Corn prices suffered a midweek rout after the USDA released its quarterly Grain Stocks data, which came in bearish. Wheat futures also faced pressure as planting weather improved in the Plains, but Black Sea bottlenecks continue to affect supply concerns.

Cattle futures firmed up as slaughter rebounded following last week's ICE raids that curtailed activity in the southern Plains. In contrast, hog futures fell to contract lows due to technical selling and persistent weakness in cash fundamentals.