Chicago soybeans edge lower ahead of Trump-Xi meeting
BEIJING: Chicago Board of Trade soybean futures edged lower on Tuesday , as traders hoped that an upcoming meeting between the presidents of the US and China, the world’s largest soybean-importing nation, would result in greater demand from the Asian country. The most-traded soybeans on the Chicago Board of Trade slipped 0.2% to $13.25-3/4 a bushel by 0240 GMT. CBOT wheat dropped 0.3% to…
Chicago Board of Trade soybean futures experienced a slight decline on Tuesday, as market participants anticipated a potential meeting between US and Chinese presidents. The most-traded soybeans fell 0.2% to $13.25-3/4 per bushel by 0240 GMT. Meanwhile, CBOT wheat decreased by 0.3% to $7.24-1/2 per bushel, while corn remained unchanged at $5.42-3/4 per bushel.
Traders are optimistic that China, the world's largest soybean importer, may remove a 10% import duty, which would encourage private Chinese buyers to resume purchasing US soybeans. US Treasury Secretary Scott Bessent reported successful talks with Chinese officials on trade issues over the weekend, further bolstering hopes for increased demand from Asia.
In May, the US administration stated that China pledged to buy at least $17 billion worth of US agricultural products in 2026, 2027, and 2028. Concurrently, the Russia-Ukraine war has disrupted grain exports due to attacks on vessels and ports in the Black Sea, with Russia, the world's largest wheat exporter, and Ukraine suffering significant losses.
Historically, over 90% of Russia's seaborne grain exports were transported through the Black Sea during the previous export season.
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