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The fund seeks to achieve its investment objective by investing in Benchmark Component Futures Contracts. Under normal market conditions, the manager expects that 100% of the fund’s assets will be invested in Benchmark Component Futures Contracts and in cash and cash equivalents.

Teucrium Soybean Fund

Teucrium Soybean Fund ETV

President Donald Trump's <a href="https://www.benzinga.com/topic/tariffs">latest tariff moves</a> are shaking up global trade, but China may have a familiar counterstrike in mind. 
According to JPMorgan analyst Brian P. Ossenbeck, agricultural exports—particularly corn, wheat, and soybeans—are prime targets for Chinese retaliation. 
Any new developments on this front could be relevant to investors in the Teucrium Corn Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CORN#NYSE">CORN</a>), the Teucrium Wheat Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WEAT#NYSE">WEAT</a>) and the Teucrium Soybean Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>).
With a history of leveraging tariffs to disrupt U.S. farm exports, Beijing could once again use this tactic to put pressure on American producers and policymakers.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43432736/copper-stocks-on-shaky-ground-jpmorgan-analysts-say-tariffs-deepseek-cloud-outlook">Copper Stocks On Shaky Ground, JPMorgan Analysts Say: Tariffs, DeepSeek Cloud Outlook</a>
<h2 class="wp-block-heading">A Familiar Playbook: Agriculture As A Pressure Point</h2>
Ossenbeck highlights that U.S. agricultural exports to China, especially soybeans, have been heavily impacted by past trade tensions. "A study by the U.S. Department of Agriculture found tariffs reduced U.S. agricultural exports by $27 billion in 2018-2019 and soybeans accounted for the majority of the decline at 71%." 
If history repeats itself, American farmers could face another round of painful disruptions.
<h2 class="wp-block-heading">Railroads On Alert</h2>
The impact of potential tariffs won't stop at the farms. U.S. rail giants like BNSF (2.5% exposure) and Union Pacific Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) (1% exposure) are directly tied to soybean exports and could feel the squeeze. 
Ossenbeck's analysis suggests that retaliatory tariffs on grains could weigh on transportation stocks, adding another layer of volatility to the already embattled Transports sector. Investors in the iShares US Transportation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYT#NYSE">IYT</a>) should remain wary of their holdings.
<h2 class="wp-block-heading">Trade Tensions Fuel Import Rush</h2>
Meanwhile, data from JPMorgan indicates that importers have been bracing for impact. Ossenbeck points to a "pull-forward of imports from China that started in 2H24 and appears to have continued into early 2025." 
January containerized imports hit an all-time record, signaling that businesses have been stockpiling goods ahead of expected tariffs.
<h2 class="wp-block-heading">A Volatile Road Ahead</h2>
While a 30-day delay on tariffs for Mexico and Canada brought temporary relief to markets, "we are hardly sounding the ‘all clear' after the first salvo in what could be a long and volatile trade war on multiple fronts," says Ossenbeck. 
Investors should stay alert, as China's next move could be just around the corner—potentially hitting U.S. agriculture where it hurts most.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43454424/china-strikes-back-new-tariffs-up-to-15-on-certain-us-imports-in-retaliation-for-trumps-10-levy-on-chinese-goods">China Strikes Back: New Tariffs Up To 15% On Certain US Imports In Retaliation For Trump&#8217;s 10% Levy On Chinese Goods</a></li>
</ul>
Image: Shutterstock

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CORN

iShares Dow Jones Transportation Average Index Fund

SOYB

WEAT

China's Retaliatory Tariff Playbook: Corn, Wheat, Soybeans In The Crosshairs

News

Global

Archer-Daniels-Midland CEO Juan Luciano Says Global Grain Trading Volumes Are Strong, Lower Commodity Prices Are Supporting Animal Feeding; China Has Been Buying U.S. Soybeans For Q4, Europe Buying U.S. Corn For Q1

<a href="https://www.usda.gov/oce/commodity/wasde/wasde0624.pdf" title="https://www.usda.gov/oce/commodity/wasde/wasde0624.pdf">https://www.usda.gov/oce/commodity/wasde/wasde0624.pdf</a>

Macro Economic Events

Economics

U.S. Department Of Agriculture Issues June 12, 2024 World Agricultural Supply And Demand Estimates (Link In Body)

<h3 class="wp-block-heading">Big Short</h3>
Traders have been offloading Soybeans since November, peaking last week, as global stockpiles grow. As of Friday, traders had increased their bearish stance on CBOT (Chicago Board of Trade) soybean futures and options, reaching a new record net short position of 171,999 contracts, up from 160,653 the previous week. This surpasses the previous all-time high net short of 168,835 contracts from May of 2019.
<h3 class="wp-block-heading">Chinese Demand</h3>
China plays a pivotal role as the leading global soybean market, importing 60% of all internationally traded soybeans and around 30% of annual U.S. soybean production. Changes in its soybean needs have a huge impact on the US market.
The long slide soybean prices have experienced is largely tied to a drop in imports from China. The country imported 13.04 million metric tons of soybeans in January and February this year, the lowest in 5 years. That is an 8.8% drop from the same period last year.
<h3 class="wp-block-heading">A New Hope?</h3>
Prices saw a roughly 3.5% reversal this week as the USDA released a positive WASDE report, where China is concerned.&nbsp;
The March World Agricultural Supply and Demand Estimates report was not all positive, however. The USDA expects Brazil &#8211; America's main soybean competition &#8211; to produce more than previously expected. However, the market seemed to not mind – or not believe it; many found the estimates rosy.
Instead, investors looked to the significant increase in expected Chinese imports over the next year. This caused soybean futures to move well above the 20-day moving average.
Investors are cautiously optimistic about what this means for soybean prices moving forward.
<h3 class="wp-block-heading">Opportunities For Investors</h3>
The US agriculture system can present a big opportunity and be a critical component of a well-diversified portfolio. For those who believe the recent reversal for soybeans will hold, now may be the right time. Individual investors can get involved by trading futures, but this can be a complicated practice out of reach of many. Even for seasoned traders, pitfalls abound.
Another alternative is investing in a commodity ETF, like those offered by <a href="https://teucrium.com/index">Teucrium Investment Advisors, LLC</a>. The firm offers a host of agricultural funds carefully curated to give investors simple, liquid access to commodities, funds like Teucrium Soybean ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>). Photo by<a href="https://unsplash.com/@kellysikkema?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash"> Kelly Sikkema</a> on<a href="https://unsplash.com/photos/green-plant-in-tilt-shift-lens-bSdOcb6ptck?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash"> Unsplash</a>

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Soybeans See Record Short Position Amid Shifting Chinese Demand And Uncertain Supply

<a href="https://www.reuters.com/world/europe/polish-pm-tusk-says-he-will-meet-protesting-farmers-thursday-2024-02-28/">https://www.reuters.com/world/europe/polish-pm-tusk-says-he-will-meet-protesting-farmers-thursday-2024-02-28/</a>
Polish Prime Minister Donald Tusk said on Wednesday he would meet protesting farmers' leaders on Thursday, as demonstrations continued across the country.
Farmers across Europe have been protesting for weeks against constraints placed on them by EU regulations meant to tackle climate change, as well as rising costs and what they say is unfair competition from outside the EU, particularly Ukraine.
"I have convened an agricultural summit in Warsaw for tomorrow ... I will meet with the leaders of all protesting groups," he said during a press conference.
"We have a very important problem. We are the most pro-Ukrainian nation when it comes to aid, but we have the biggest problems in Europe resulting from the war."
He added a current EU proposal to limit the amount of food products arriving from Ukraine to levels from the last two years was "unacceptable" for Poland and it wanted the reference amount to be set at levels from before Russia's invasion of Ukraine in 2022.
He said that he was ready to take tough decisions regarding the border in consultation with Ukraine.
"I do not hide the fact that we are talking to Ukraine about temporarily closing the border," he said.
On Wednesday, thousands of Polish farmers took to the streets of Warsaw.

iShares MSCI Poland Investable Market Index Fund ETF

EPOL

"'Polish PM Tusk Says He Will Meet Protesting Farmers On Thursday; Says 'I Do Not Hide The Fact That We Are Talking To Ukraine About Temporarily Closing The Border'" - Reuters News

<h2 class="wp-block-heading">Big Purchase</h2>
Between October and mid-December 2023, China purchased a massive amount of wheat, totaling 60 million bushels. This included a record-breaking weekly total of 55 million bushels. This unexpected development occurred when U.S. wheat prices had recently hit multi-year lows. Despite initial indications of a record-low year for U.S. wheat exports in 2023/24, China&#8217;s sudden purchases are expected to improve prospects in the face of strong competition from other exporting nations.
<h2 class="wp-block-heading">Why Now?</h2>
China, dealing with issues of wheat quality due to untimely rains during harvest season, is projected to be the top global wheat importer in 2023/24. This has led to increased global demand for affordable wheat.&nbsp;
<h2 class="wp-block-heading">Price Action&nbsp;</h2>
Market players took a significant net short position on U.S. wheat contracts in late 2023, exacerbating downward price trends. The recent uptick in Chinese purchases may signal a reversal, potentially alleviating downward pressure on wheat prices. While not guaranteeing a rally, it suggests a shift in the U.S. wheat market.
<h2 class="wp-block-heading">Agricultural Diplomacy</h2>
China's impact on the US Agricultural market is clear. But international purchasing is always in flux and it&#8217;s critical to keep up relations. Last month, during APAC &#8211; the Asia-Pacific Advancement Conference &#8211; China's President Xi Jinping met with Soybean farmers representing their interests. The representatives came from the Iowa Soybean Association (ISA) and advocated for China to increase its imports from the US.
China plays a pivotal role as the leading global soybean market, importing 60% of all internationally traded soybeans and around 30% of the annual U.S. soybean production. The significance of maintaining this relationship is crucial for both nations.
<h2 class="wp-block-heading">Opportunities For Investors</h2>
Understanding the impact China has on US agriculture is critical for investors looking to get involved. Individual investors can get involved in the commodities markets by trading futures, but this can be a complicated practice out of reach of many investors. Even for seasoned traders, pitfalls abound. Another alternative is investing in a commodity ETF, like those offered by <a href="https://teucrium.com/index">Teucrium Investment Advisors, LLC</a>. The firm offers a host of agricultural funds carefully curated to give investors simple, liquid access to commodities, funds like Teucrium Wheat ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WEAT#NYSE">WEAT</a>) and Teucrium Soybean ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>).

A Month After Xi Jinping Meets With Iowan Farmers, China's Outsized Impact On US Commodity Markets Is Made Clear With Historic Buying Spree

Throughout November, financial markets experienced a significant upswing, with both stocks and<a href="https://www.benzinga.com/markets"> bonds on the rise. </a>
This surge was primarily driven by investors increasing their bets on potential Federal Reserve rate cuts in the upcoming year. Inflation continues to cool and Fed policymakers lean <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36028726/we-are-now-at-the-soft-landing-economists-markets-react-to-subdued-pce-inflation-da">toward more dovish remarks. </a>
This optimism was reflected across various segments of the market. Let&#8217;s break down the top-performing exchange-traded funds (ETFs) across various asset classes, including country equities, U.S. equity sectors, thematic equities, bonds, and commodities. 
<h2 class="wp-block-heading">Best Country ETFs In November</h2>
<ol>
<li>Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) up 31.5%: Topping the list, the ARGT ETF experienced a remarkable surge, buoyed by the electoral victory of ultra-liberalist Andrei Milei in Argentina. This political shift sparked a wave of bullish sentiment in Argentine stocks.</li>
<li>iShares MSCI Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIS#NYSE">EIS</a>) up 16.6%: Israeli equities also witnessed substantial growth. This rise was supported by a stabilization in the shekel, thanks to the intervention by the Bank of Israel following the start of conflict with Hamas. </li>
<li>iShares South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) up 14.5%: South Korean stocks rallied following the financial regulator&#8217;s decision to re-impose a full ban on short-selling, providing a boost to the market.</li>
</ol>
Chart: ARGT ETF Posted Its Best-Performing Month In November
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png" alt="" class="wp-image-153399" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best U.S. Equity Sector ETFs In November</h2>
<ol>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 12.2%: The technology sector emerged as the front-runner in November. This uptrend is linked to the improved investor outlook and the anticipated decline in Federal Reserve interest rates.</li>
<li>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) up 11.9%: Real estate stocks also rallied in response to expectations of lower interest rates next year, which could provide a much-needed respite to a sector that has been severely hit by the elevated mortgage rates. </li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) up 10.5%: The financial sector, particularly bank stocks, showed robust gains, fueled by the prospect of increased lending activity amid borrowing costs next year.</li>
</ol>
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36029153/chilling-2024-s-p-500-outlook-why-jpmorgan-analysts-project-nightmare-scenario-for-">Chilling 2024 S&amp;P 500 Outlook: Why JPMorgan Analysts Project Nightmare Scenario For Stocks</a>
<h2 class="wp-block-heading">Best Thematic ETFs In November</h2>
<ol>
<li>ARK Innovation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NASDAQ">ARKK</a>) up 31.4%: Cathie Wood&#8217;s flagship fund, ARKK, recorded its best month since inception, driven primarily by a rally in crypto-related companies and tech startups.</li>
<li>Spear Alpha ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRX#NASDAQ">SPRX</a>) up 22.87%: SPRX also showed significant gains, benefiting from the overall positive market sentiment towards tech stocks. </li>
<li>Amplify Thematic All-Stars ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVSP#NYSE">MVSP</a>) up 18.8%</li>
</ol>
Chart: November 2023 Was Cathie Wood&#8217;s ARKK ETF Best Performing Month Ever 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png" alt="" class="wp-image-153400" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best Fixed-Income ETFs In November</h2>
<ol>
<li>PIMCO 25 Year Zero Coupon U.S. Treasury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZROZ#NYSE">ZROZ</a>) up 14%: The decline in long-dated Treasury yields fueled a rally in the fixed-income duration. November 2023 was the strongest month for this portion of the bond market since August 2019, and the second best one since January 2015. </li>
<li>iShares 25 Year STRIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOVZ#NYSE">GOVZ</a>) up 13.3%</li>
<li>Vanguard Extended Duration Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDV#NYSE">EDV</a>) up 12.5%</li>
</ol>
<h2 class="wp-block-heading">Best Commodity ETFs In November</h2>
<ol>
<li>iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) up 10.3%: Precious metals, particularly silver, saw a sharp rally thanks to the decline in long-term Treasury yields and a weaker U.S. dollar.</li>
<li>United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) up 5.2%: Copper also saw gains, influenced by the softer dollar.</li>
<li>Teucrium Soybean Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>) up 3.5%</li>
</ol>
Read Now: <a href="https://www.benzinga.com/news/mid-cap/23/11/36008708/cathie-woods-ark-innovation-etf-achieves-35-gain-in-november-its-best-month-since-inception">Cathie Wood&#8217;s ARK Innovation ETF Achieves 35% Gain In November, Its Best Month Since Inception</a>

Sector ETFs

Broad U.S. Equity ETFs

New ETFs

Emerging Market ETFs

Federal Reserve

ARGT

ARKK

CPER

iShares MSCI Israel Capped Investable Market Index Fund

iShares 25+ Year Treasury STRIPS Bond ETF

GOVZ

MVSP

SPRX

XLRE

PIMCO 25+ Year Zeroupon US Treasury Index Fund

ZROZ

This Month's Top-Performing ETFs: Politics, Fed Rate Cut Hopes Ignite 30%-Plus Rally In These 2 Funds

Ukraine's Zelenskiy Tells World Leaders At UN That Russia's Trying To Weaponize Global Food Shortage In Return For Recognition Of Some, If Not All, Of The Ukrainian Territory It Has Captured

Legal

Ukraine Says It Has Filed A Lawsuit Against Several EU Neighbors Over Their Grain Import Bans

U.S. Treasury Secretary Yellen Says We Are Focused On Climate Change And Its Impact On Developing Countries; Focused On Food Shortages Especially In Black Sea

Ukraine's Deputy Prime Minister Says Due To Russian Attacks Danube Ports Have Already Reduced Their Export Potential By Almost 0.5m Tons Of Grain Per Month

-Reuters Citing Russia&#39;s Tass

Eurozone

Futures

Kremlin Said Grain Deal Is On Hold, No Progress Yet -

iShares MSCI Turkey Investable Market Index Fund

Russian Foreign Minister Lavrov Says Supply Of 1M Tons Of Grain As Discussed Between Russia, Turkey And Qatar Would Be On Top Of Russia's Grain Supplies To Africa Free Of Charge

Russian Foreign Minister Lavrov Says We Don't See Any New Guarantees On Grain Deal; West Hampers Russian Grain, Fertilizers Exports; If Promises Are Fulfilled Tomorrow, Then The Grain Deal Could Be Resumed Tomorrow

Moscow-Turkey's Foreign Minister SaysRussia Has Some Demands Regarding Exports Of Its Own Grain; UN-Prepared New Package For Grain Deal Important

Russian Foreign Minister Lavrov Says As Soon As There Is Concrete Decisions We Will Be Ready To Resume Ukraine's Part Of Black Sea Grain Deal

U.S. Working With Romania To Potentially Double Ukraine Grain Exports Via Danube Route

Senior U.S. State Department Official Says U.S. Exploring Alternative Routes For Ukrainian Grain Exports, Most Prominently Via The Danube

- Reuters Citing AK&nbsp;Party Spokesman

Turkey's Erdogan To Visit Russia's Sochi Soon; Turkey Hopes There Will Be Developments Regarding Grain Deal After Erdogan's Sochi Visit

Russia's Lavrov Tells UN Chief Guterres: Russia Ready To Get Back To Grain Deal If Its Conditions Are Met

Commodity markets were unable to escape the sell-off that was seen in equities, while the threat of tariffs will not be helping sentiment.

The Commodities Feed: Risk-Off Move

CBOT corn futures rallied throughout the day in yesterday's trading session and the return of managed money buying, pushing March futures to $4.90.

Bulls Are Back In Town In Early Trade. The Corn & Ethanol Report

Wheat leads grain futures higher as traders see tighter supply/demand

Commodity Roundup: Corn trades near a 15-month-high, cotton ripe for 'short-covering bounce'

Corn futures fell as traders took profits ahead of the weekend amid uncertainty of U.S. tariffs.

Shot Clock Running On Last Minute Delay on Tariffs - The Corn & Ethanol Report

U.S. agricultural products, LNG, coal in focus as Trump hits China with 10% tariff

Oil prices jump, metals and agri commodities come under pressure as tariffs rattle markets

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