J.B. Forbes | St. Louis Postal Shipping | TNS | Getty Images
Truck driver Marion Howard observes soybeans in his truck on Wednesday, October 11, 2017, at Chris Crosskno's farm near Denton, Mo.
A wave of Chinese tariffs on US goods will follow Friday's trading tensions between the two countries will continue to worsen.
Brazil already supplies about half of Chinese soybean imports, and Chinese buyers are buying more and earlier
And in a sign that China plans to accelerate soybean purchases from other countries to deal with US supplies, Beijing said that It would remove soybeans from five Asian neighbors including import duties on animal feed components including, Reuters reported, citing the Chinese Ministry of Finance.
Unsurprisingly, benchmark soybean futures prices fell about 6 percent as news broke on recent trading tensions.
It has been said a lot About the slump in soybean prices, the decline also followed a general decline in commodity prices due to fears over the global impact of a wholesale trade war between Washington and Beijing B, Bain said recently.