CBOT December soyameal ended down $3.90 at $295.40 per short ton and December soyaoil fell 0.20 cent to 28.70 cents per pound. An extra 5% tariff on US soyabeans will be applied from September 1, and additional 10% duties on US wheat, corn and sorghum will take effect from December 15, China's commerce ministry said.
As China's government had already banned companies from buying US farm goods, the tariffs were seen as mostly symbolic. Still, escalating tensions worried traders. China is the world's biggest soyabean importer and bought $12 billion worth of the crop from the United States the year before the trade war.
The Pro Farmer Midwest Crop tour late Thursday said soyabean pod counts in Iowa and Minnesota were down from last year and below the tour's three-year averages for each state. After Friday's CBOT close, Pro Farmer projected the US 2019 soyabean yield at 46.1 bushels per acre, below the US Department of Agriculture's last forecast of 48.5.
Beneficial rains in the US Midwest this week alleviated most concerns about emerging dryness stressing crops, but forecasts called for cool weather over the next 10 days, at a time when late-maturing soya and corn crops could use a warm spell.