Front month soybeans began Monday with a price of $12.14 cents before seeing losses of 70 cents to close at $11.55 and ¼ cents. In addition to continuing conflict in the Middle East and shipping issues in the Strait of Hormuz, comments from President Donald Trump brought negative price movement to the soybean complex. The President was scheduled to visit with the President of China, Xi Jinping, at the end of March but Trump indicated that the meeting could be delayed.
That is commodity broker, Greg McBride of Allendale, who says that additional comments about Chinese ag purchases of U.S. commodities also were negative for the soybean marketplace.
These latest developments also bring into question rumored additional purchases of U.S. soybeans by China, says McBride.
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