CBOT soybeans drop after Supreme Court tariff decision
CHICAGO, Feb 20 (Reuters) - Chicago Board of Trade soybean futures dropped on Friday after the U.S. Supreme Court struck down U.S. President Donald Trump's sweeping tariffs, pausing a rally that began on February 4 when Trump said China would make additional purchases of U.S. soybeans.
Though the justices ruled that Trump exceeded his authority by implementing tariffs under a law meant for use in national emergencies, the decision has raised questions about whether or how the administration will pursue new tariffs through other legal strategies.
For the market players who closely monitor China, the world's biggest soybean importer, the decision has added uncertainty to an already volatile market.
Analysts said China may be less likely to follow through on another big purchase of U.S. soybeans that Trump has been touting for several weeks in the absence of tariffs.
CBOT March soybeans SH26 fell 3-1/2 cents to $11.37-1/2 per bushel.
CBOT March soyoil BOH26 settled 0.76 cent lower to end at 58.92 cents per pound.
CBOT March soymeal SMH26 finished $5 higher at $309.80 per short ton.
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