Soybean Futures Slip as Supreme Court Limits Presidential Tariff Authority

Soybean futures closed lower on February 20, 2026, after the U.S. Supreme Court ruled the President cannot use the International Emergency Economic Powers Act (IEEPA) for tariff purposes. The ruling initially spurred risk-off sentiment, though President Trump responded by signaling a 10% blanket tariff effective for 150 days. March soybeans settled down 3.5 cents at $11.37 1/2. Soymeal futures rose, while soy oil futures fell. Export sales showed resilience, with old crop bookings for the week ending February 12 reaching 798,216 metric tons, up 66.2% year-over-year. China was the primary buyer, purchasing 415,500 metric tons. Additionally, CFTC data showed managed money added 40,463 contracts to its net long position in the week ending February 17.