Soybeans plummet in Chicago after Chinese tariffs announced

Soybean prices in Chicago have dropped due to import tariffs announced by the White House, leading China to retaliate with a 34% tariff on US imports. The dip in soybean oil prices is also attributed to a decrease in crude oil prices following OPEC+'s decision to increase production quotas. Wheat prices have also seen a decline, but corn prices have slightly rebounded due to a tariff exemption granted to Mexico, offering a positive outlook for corn exporters.

Soybean prices ended the week with a sharp decline this Friday evening in Chicago, still shaken by the trade earthquake triggered by Donald Trump last Wednesday. The salvo of import tariffs announced by the White House has already provoked a response from Beijing: a new "reciprocal" tariff of 34% on imports from the United States. This countermeasure confirms the Chinese authorities' intention to remain firm in the face of a US government now embroiled in large-scale trade wars. Soybean oil was also hit a little harder by the sharp drop in crude oil prices recorded over the last two trading sessions. Already weighed down by recession risks, the oil price plummeted after OPEC+ announced a significantly higher-than-expected increase in its production quotas for next month. Wheat prices also quickly returned to negative territory this Friday evening, but corn managed to stand out with a slight ...