Caught the soybean market pullback on Friday after that Supreme Court ruling on tariffs. Prices were sliding 3-4 cents on front month contracts, though March held up a bit better at up 4.5 cents for the week. Cash beans were actually higher at $10.76.5, up 7.5 cents, which is interesting given the futures weakness. Soymeal futures pushed up $5 to $5.30 range with March showing real strength at up 60 cents weekly. Soybean oil price took the bigger hit though, dropping 70-75 points, though March soybean oil price was still up 184 points on the week.

What caught my eye was the sales data. Old crop bookings hit 798,216 MT for the week ending Feb 12, way above the prior week and up 66% year-over-year. China was the big buyer at 415,500 MT. Meal sales came in hot at 480,937 MT, beating estimates of 220,000-450,000. Bean oil sales were 11,134 MT, right at the top end of the range. CFTC managed money positions added 40,463 contracts net long that week, bringing total net longs to 163,611.

The Supreme Court decision essentially blocked tariff authority through the IEEPA, which spooked the market into risk-off mode. Gave China a bit more breathing room in negotiations. Then Trump came back with talk of a 10% blanket tariff expiring in 150 days. Mar 26 soybeans closed down 3.5 cents at $11.37.5, May down 2.75 cents at $11.53.25, Jul down 2 cents at $11.66. Soybean oil price volatility seems to be the story here as these policy shifts keep traders guessing on export demand. Watching how this plays out with China's buying interest.