Soybeans As has been widely reported, the U.S. imposed tariffs on specific Chinese imports on 6 July, and China reciprocated with retaliatory tariffs on soybeans and other American products. The market had already prepared for this by increasing Brazilian soybean basis and pushing CBOT futures lower. To the surprise of most analysts, however, the CBOT jumped 38 cents higher on Friday in a seemingly inexplicable move. Chinese demand was tepid before the tariffs were imposed with crushers well covered for July/August shipments and further protected by huge domestic stocks. They are now waiting to see what will happen once the duties are in force. Will the governments start a new round of negotiations? Who will begin first? Supposedly, China...