China on Tuesday said it would remove import tariffs on animal feed ingredients including soybeans from five Asian neighbours. The Ministry of Finance said it would drop tariffs on soybeans, soybean cake and fishmeal originating in Bangladesh, India, Laos, South Korea and Sri Lanka from 1st July. Apart from India, the countries included are relatively small soybean producers. None of them exported any of the oilseed to China in 2017.
US Department of Agriculture rated 77% of the U.S. corn crop in good-to-excellent condition, down from 78% the week before. For soybeans, USDA rated 73% of the soybean crop as good-to-excellent, unchanged from the week before, but still highest on record for current position in the crop year.
CBOT is under pressure from lower prices in the world’s biggest exporter Russia and rains in No. 4 supplier Australia.