Soybeans futures steadied at $12.19 as algotrading flows balanced between profit-taking and fresh hedging. Commodity spreads versus corn narrowed, indicating cross-market positioning may influence near-term volatility. Last month, U.S. soybeans were about 80 cents to 90 cents a bushel cheaper than Brazilian soybeans for shipment in September or October, but China's 23% tariff on U.S. shipments added $2 a bushel to the cost for importers, traders have said. Final thoughts on significance and lasting impact point to a more diversified, and potentially more fragmented, global agricultural market. Nations are prioritizing resilience in their food supply chains, which means less reliance on single suppliers, even if it comes at a higher short-term cost. What investors should watch for in the coming months includes the concrete outcomes of any U.S.-China trade discussions, the planting intentions of U.S. and South American farmers for upcoming seasons, and any further policy announcements from China regarding its agricultural import strategy and domestic food security initiatives. The ability of the global agricultural sector to adapt to these new realities will define its stability and profitability in the years ahead. With soybeans futures at $12.18, funds are reducing long positions on fears of oversupply. However, weather-based yield risk models hint that extended dry spells in Argentina could offset surplus forecasts, providing upside momentum for July contracts.