CBOT soybeans tick down amid mixed reaction to tariff threats
CHICAGO, Nov 26 (Reuters) -Chicago Board of Trade soybean futures fell on Tuesday after president-elect Donald Trump threatened tariffs against major trading partners, with good weather over soy-growing regions of South America also pressuring prices, traders said.
Trump, who takes office on Jan. 20, said on Monday he would impose a 25% tariff on imports from Canada and Mexico until those countries clamped down on drugs and migrants crossing the border, while also outlining an additional 10% tariff on imports from China.
Declines in soybeans were tempered by a rise in soyoil futures.
Chicago soyoil futures climbed as tariffs raised the prospect of more domestic soyoil being used in biofuel, traders said.
Rainy weather is expected to alleviate dryness concerns over the South American soy crop.
CBOT January soybeans SF25 settled down 2-1/4 cents at $9.83-1/2 a bushel.
Most-active CBOT January soyoil BOF25 closed up 1.38 cents at $42.71 per pound.
Most-active CBOT January soymeal SMF25 finished down $4.50 at $291.40 per short ton.
Reporting by Heather Schlitz; editing by Jonathan Oatis
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