Soybean futures slip as traders await China trade news

Soybean futures experienced a decline on Thursday as traders prepared for forthcoming updates stemming from Chinese President Xi Jinping's recent meeting at the White House. The anticipated summit, featuring President Donald Trump and Xi, seemed more inclined towards ceremonial exchanges than practical results. Traders voiced disappointment due to the summit's lack of concrete announcements concerning trade deals.

US Treasury Secretary Scott Bessent, following talks with Chinese Vice Premier He Lifeng, reported that the two nations had agreed to prolong a pact that had previously suspended tariffs surpassing 100% until January 10. The US Department of Agriculture disclosed that private exporters had shipped 120,000 metric tons of US soybeans to China, based on their daily reporting system.

The USDA's weekly report for the period ending September 17 revealed that net US soybean export sales reached 582,400 metric tons for the current marketing year, lagging behind market expectations. On the Chicago Board of Trade, November soybean futures closed 0.5 cents lower at $13.17-1/2 per bushel. Meanwhile, December soymeal rose $1.80 to $372.40 per ton and peaked at its highest level. This report was AI-generated and subsequently reviewed by a human editor.