Soy is scary.
At least that's the impression investors are giving off after two block trades came in Monday that dumped over 300,000 shares of the Invesco DB Agriculture Fund (DBA) into the market, according to a Bloomberg report. The selling comes amid heightened trade tensions between the United States and China.
The DBA fell 1.07% to $17.72 a share as of late-day trading Monday after rising 1.53% to 17.91 on Friday.
One individual sold 221,000 shares valued at $3.9 million and another sold 132,200 shares worth $2.3 million of the fund, which tracks 10 different agriculture futures.
The sales came after China's Ministry of Commerce reportedly told companies Monday to import more soybeans, among other goods, from other countries not named the U.S., according to Bloomberg. The response arrives after the U.S. imposed its first round of tariffs worth $34 billion on China last week.
Teucrium Soybean Fund (SOYB) , another soybean-based ETF, also fell on the news out of Beijing after making gains Friday. The fund decreased 2% to $16.14 a share despite climbing by more than 4% Friday.
Soybean futures dropped by $24.75 -- or 2.77% -- to $869.75 in late-afternoon trading.