Soybean futures rebounded to $10.00 per bushel, attempting to recover from a recent sell-off after Argentina lowered its production forecast below USDA estimates. Argentine soybean output for 2024/25 is now expected at 46.5 million metric tons (mmt), down from last month’s forecast of 47.5 mmt and below the USDA’s 49 mmt projection, as drought impacts persist despite signs of recovery. Adding support, the USDA's weekly Export Sales report showed stronger-than-expected U.S. soybean sales, with China leading purchases, followed by Indonesia and the Netherlands. Meanwhile, investors continued to assess the latest tariff announcements, with President Donald Trump escalating trade tensions with the EU and threatening 200% tariffs on European wines, champagnes, and other alcoholic beverages.
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