US Soybean Futures Plummet as Tariff Cuts Leave Out Crucial Crop

US soybean futures fell to their lowest level since late August after being left out of the list of agricultural products to see tariff cuts.

The US and China announced plans to cut tariffs on about $30 billion worth of imports, including corn, wheat, and sorghum from American farms.

However, soybeans were notably absent from the list, with only seeds of the crop included. This has kept private traders at bay due to a 13% tariff that largely keeps them on the sidelines.

No Bull Ag analyst Susan Stroud said that keeping the soybean tariff in place 'continues to make US beans tougher to pencil for private crushers.'