Soybean futures tumbled sharply on Friday, October 10, as escalating trade tensions between the United States and China triggered a sell-off across agricultural markets. November soybean contracts closed down 15½ cents at $10.06¾ per bushel, extending losses from earlier in the week.
Corn and wheat markets also weakened. December corn ended the session 5¼ cents lower at $4.13 per bushel, while December CBOT wheat dropped 8 cents to $4.98½ per bushel. Kansas City wheat fell 6¾ cents to $4.83, and Minneapolis wheat lost 5¼ cents to $5.51¾ per bushel.
According to Noami Blohm, senior market advisor at Total Farm Marketing, grain futures moved “sharply lower” amid renewed uncertainty surrounding U.S.–China trade relations. Earlier in the day, Agri-Pulse reported that President Donald Trump signaled a potential “massive” tariff hike on Chinese goods after Beijing restricted exports of key minerals, putting a planned high-level meeting between the two nations at risk.
In a social media post, Trump said there “seems to be no reason” to meet with China’s president, further dampening hopes for progress in trade talks. The American Soybean Association (ASA) expressed disappointment over the developments, emphasizing that ongoing trade disputes have already deepened the financial strain on U.S. soybean farmers. The association reiterated that restoring trade with China is critical to stabilizing farm income and global market balance.
Elsewhere in commodities, December live cattle futures rose $2.63 to $242.53 per hundredweight (cwt), and November feeder cattle gained $1.85 to $375.90 per cwt. December lean hogs, however, slipped 33 cents to $84.03 per cwt.
Energy markets mirrored the broader decline, with December crude oil down $2.60 to $58.43 per barrel as of 2:17 p.m. CT. Meanwhile, Wall Street followed suit: the S&P 500 fell 149.31 points, and the Dow Jones Industrial Average was down 714.57 points amid heightened investor anxiety.
Analysts warn that without a clear resolution to the U.S.–China trade standoff, agricultural commodities could face continued downward pressure heading into the fourth quarter.
