Soybeans rise as traders eye Trump-Xi talks; wheat, corn also higher

US soybean futures surged on Thursday as investors monitored the progress of Chinese purchases and anticipated a summit between President Donald Trump and Chinese President Xi Jinping. The most-traded soybean contract on the Chicago Board of Trade (CBOT) climbed 0.74% to $13.30-1/4 a bushel, edging close to its highest level in nearly three years.

Beijing has now reached the midpoint of its pledge to buy 25 million metric tons of US soybeans, which was finalized at the Busan summit in October 2023. The US Treasury Secretary, Scott Bessent, announced plans to meet his Chinese counterpart, He Lifeng, this weekend, prior to the leaders’ meeting scheduled for the following week.

Corn futures also advanced 0.19% to $5.35-1/4 a bushel. Rain in regions of the upper Midwest that delayed harvesting contributed to the price support for soybeans and corn, according to two Chinese analysts. Wheat prices were lifted by 0.27% to $7.32-3/4 a bushel, buoyed by forecasts of a smaller Canadian wheat crop. Statistics Canada reported on Wednesday that Canadian farmers would harvest 11% less wheat and nearly identical amounts of canola compared to the previous year, as outlined in their initial 2026 crop production report.

Jordan's state grain buyer issued an international tender to purchase up to 120,000 metric tons of milling wheat from various origins, according to European traders. Traders kept monitoring potential risks to grain exports from the Black Sea region. Earlier on Thursday, Russian air strikes inflicted damage on buildings in Kyiv and injured three individuals in the Black Sea port city of Odesa, as reported by Ukrainian officials. Commodity funds were net sellers of CBOT corn and soybean futures, traders reported on Wednesday.