Soybean futures were modestly lower in overnight trading on some technical selling and concerns about tariffs promised by the incoming administration that may lead to retaliatory moves by trading partners. 

Prices jumped to the highest level in about a month yesterday, leading some investors who were long the market, or had bet on higher prices, to sell their contracts and book profits. 

Weighing on prices are concerns about tariffs President-elect Donald Trump has promised to impose on all goods, especially those from China. 

That will no doubt kick off a trade war that industry associations believe will curb exports and ultimately lead to lower prices. 

Trump has said he will impose at least a 10% tariff on all goods and a 60% tariff on anything from China, the world’s largest importer of soybeans. 

The Asian nation would likely impose its own tariffs, making U.S. soybeans more expensive for Chinese buyers. China likely would turn to Brazil and Argentina for agricultural supplies, according to trade groups and economists. 

Soybean futures for January delivery fell 5 3/4¢ to $10.20 1/2 a bushel overnight on the Chicago Board of Trade. Soymeal was down $2.10 to $296.40 a short ton, and soy oil rose 0.04¢ to 48.36¢ a pound. 

Corn futures for December delivery rose 1¢ to $4.28 1/2 a bushel.

Wheat futures for December delivery lost 1 1/2¢ to $5.70 a bushel, and Kansas City futures gained lost 4¢ to $5.65 a bushel. 

2. Weekly corn export sales improve, USDA says

Sales of corn to overseas buyers rose week to week while wheat and soybean sales declined, according to data from the Ag Department. 

Corn sales for export in the week through Oct. 31 totaled 2.77 million metric tons, up 18% from the previous week and the prior five-year average, the agency said. 

Mexico was the big buyer at 1.4 million tons, followed by an unnamed country at 673,500 tons and Japan at 296,200 tons. Colombia purchased 155,200 tons and Portugal bought 87,900 tons from U.S. suppliers. 

Exports for the week rose 17% to 917,600 tons. 

Wheat sales, meanwhile, fell 9% from the week prior and 20% from the average to 374,700 metric tons, USDA said. 

Mexico bought 105,800 tons, an unnamed buyer took 73,000 tons, Thailand was in for 55,000 tons, the Philippines bought 53,000 tons and Italy was in for 20,000 tons of U.S. wheat. 

Exports for the week dropped to a fresh marketing-year low of 236,900 tons, down 3% from the previous week, the agency said.

Soybean sales fell 10% to 2.04 million metric tons, but that was up 10% from the prior four-week average, USDA said. 

China purchased 1.22 million tons, an unknown country took 152,100 tons, Egypt was in for 120,500 tons, Turkey bought 109,600 tons and Japan purchased 103,600 tons. 

U.S. soybean exports last week were reported at 2.42 million tons, down 1% from a week earlier, the government said in its report. 

3. Floods, winter weather expected in Oklahoma, Texas

Flood warnings and watches remain in effect in much of central Oklahoma and north-central Texas amid ongoing storms, according to the National Weather Service. 

Several rivers are overrunning their banks in parts of the region this morning as rain and thunderstorms are forecast to continue into tomorrow, the agency said. 

In eastern Colorado and New Mexico and the Texas and Oklahoma panhandles, blizzard warnings are in effect, NWS said. 

As much as 10 inches of snow are forecast for parts of the panhandles as long as temperatures stay low enough. 

“Prolonged rain rather than snow will promote melting of existing snowfall, limiting new accumulations to only a few inches or less, with lesser impacts,” the agency said. “Any locations that are able to stay snow longer before precipitation ends could see 5 to 10 inches of new accumulations and increased impacts.”