US Grains Plunge as China Excludes Soybeans from Tariff Relief

The US grains market started the week under heavy selling pressure on Monday, September 28. The downturn was led by soybeans, which fell nearly 37 cents to $12.82 per bushel due to China excluding whole US soybeans from tariff relief. This decision affects US farmers because China is a critical destination for agricultural exports.

The exclusion of whole soybeans from the list of products receiving tariff reductions came after President Donald Trump and Chinese President Xi Jinping held talks, which had raised cautious optimism among grain traders. However, the announcement of tariff reductions covering several US farm goods, including corn, wheat, sorghum, vegetable oils, and meals, did not include soybeans.

Corn and wheat also traded lower on Monday, with December corn down 9 cents to $5.18 per bushel, and December Chicago wheat declining 18 cents to $6.84. The synchronized decline showed that traders were assessing the broader outlook for US-China agricultural trade and export demand.