Chicago soybean prices rose slightly in a muted response to China’s decision to make a small cut in retaliatory tariffs on American imports along with other agricultural commodities, reports Bloomberg.
Futures edged higher in the aftermath of Beijing’s announcement Thursday that it will halve additional tariffs on some $75 billion of imports later this month.
With the earlier retaliatory duty remaining in place, it still means US soybeans will be subject to a 27.5% tariff, down from 30% previously.
China’s reduction, effective Feb. 14, will coincide with a cut by Washington to tariffs on some Chinese products.
