Soybean futures lost a little ground amid the rise in tension between the U.S. and China. May 22’s settle for the nearby contract was down over 11 cents from the start of the week.
In the export market for the week ending May 14, sales were stronger as China purchased 737,400 MT of the total 1.2 MMT sold for the week. However, actual deliveries to China are still sluggish, with Brazil seeing most of the orders. China is still struggling to control African swine fever but appears to be committed to shielding consumers from high meat prices and importing grain as necessary to prevent any problems with grain supply.