US Soybeans Rise on Bargain Buying Despite China Tariff Limitations

US soybeans rose on Tuesday due to bargain buying, but gains were limited after China excluded them from its list of US agricultural products eligible for tariff cuts.

China's decision means that US soybeans will still face an additional tariff of 10%, which traders have warned is too high for private importers to absorb.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $12.90-1/2 a bushel by 0252 GMT, while wheat edged 0.1% higher to $6.89-1/4 a bushel.

An oilseed trader in Singapore noted that China's plans to keep tariffs on US soybeans will limit demand for US cargoes just as harvest is starting.