Favourable U.S. soybean crop condition and expectation of another record crop this year limiting any significant gains in the market. Midwest continues to find good-yielding soybean fields.
And on another hand, China’s US soybean demand still in the unclear window. Some discussion is going on today between the USA and China which create some continue caution in today’s market. Moreover, the latest news is China escalated trade war and imposing the latest 25 per cent tariffs on $16 billion worth of each other’s goods and will continue to fight back against the US. It will file a complaint to WTO against the US levies.
Losses in CBOT soybean set a negative tone for soy complex and all related veg oil market. Overall CBOT soy complex may remain negative and cautioned ahead of any update from US-China trade tensions.