Soybeans plunged double digits on Friday after the U.S. Department of Agriculture lowered its outlook for exports and on fears of the ongoing trade spat between the U.S. and China.
On Thursday, the USDA released updated U.S. and world ending stocks and fresh U.S. crop estimates.
The USDA released its weekly Crop Progress Report that shows strong conditions for both corn and soybeans.
Right now, the soybean market price moves are a function of trade tariff news and how much tonnage gets disrupted to China.
On Friday, the CME Group’s soybean market diverged from the day’s news of trade tariffs enacted on China.
Andrew Wheeler, will replace Pruitt as EPA's new Administrator, until President Trump can appoint a new one.
Investors will also be watching for any progress on the trade tariffs, with July 6 being the date that U.S. tariffs on Chinese goods go into effect.
The decline in the good/excellent ratings came in as expected by the trade.
As July begins, investors are wondering if crop prices will have a rebound month from June's dismal movement.
U.S. farmers planted about what the trade had expected, regarding corn and soybean acreage in 2018, according to the USDA.