US Soybean Futures Rise on Bargain Buying Amid China Tariff Uncertainty
US soybean futures rose on Tuesday as bargain buyers stepped in, but gains were limited by China's decision to exclude soybeans from a list of US agricultural products eligible for tariff cuts.
The Chicago Board of Trade (CBOT) saw its most-active soybean contract up 0.2% at $12.90-1/2 a bushel by 0252 GMT, following a decline to its weakest point since August 31 on Monday.
China's decision means US soybeans will still face an additional tariff of 10%, which traders have warned is too high for private importers to absorb, even as Chinese state buyers have increased purchases.
The wheat market remained focused on diplomatic efforts to ease disruptions to Black Sea exports, with optimism that a ceasefire could quickly restart up to 80% of Russia's grain terminal capacity in the Black Sea.
US farmers have harvested 18% of the corn crop and 17% of soybeans, matching their average pace over the past five years, according to the US Department of Agriculture.