According to a report at S&P Global Platts, soybean and soybean meal futures markets on Tuesday largely ignored comments from Chinese media sayting the government may impose tariffs on U.S. soybean imports.
Front-month CBOT soybean futures settled 5.75 cents higher on the day at $10.2825/bushel. Front-month soybean meal futures settled $3.10/st higher at $361.70/st.
A broker on Tuesday said the market doesn't think the country can completely abandon U.S. soybeans.
"I think the market views a Chinese tariff on U.S. soybeans as very unlikely and infeasible for China," the source said
China imported with 95.5 million mt of soybeans in 2017, with the majority coming for the U.S. Most analysts doubt that the country's No. 2 source, Brazil, has the stocks to supply China with the product it needs
Read the full report at S&P Global Platts.
