Chicago Board of Trade (CBOT) soybean futures tumbled on Tuesday amid renewed concerns over U.S. export demand, after traders reported that Chinese buyers shifted their attention toward Brazilian shipments in recent days, Reuters reported.
The drop follows a surge to 16-month highs on Monday, fueled by expectations that China would resume large-scale U.S. soybean purchases after both nations moved to ease trade tensions. Yet traders say no major U.S. sales have been confirmed so far.
Market sources indicated that Chinese importers instead secured more competitively priced Brazilian soybeans, taking advantage of declining South American offers. Analysts added that Brazil, the world’s top soybean exporter, continues to hold ample supplies, reinforcing its price advantage.
At the close, CBOT January soybeans fell 12-3/4 cents to $11.21-1/2 per bushel. On Monday, the benchmark contract touched its highest level since June 2024. CBOT December soymeal dropped $3.40 to $317.40 per short ton, while December soyoil eased 0.31 cent to 49.53 cents per pound.
