Soybeans Remain Firm Ahead of Trump-Xi Talks

Soybean futures traded above $13.1 per bushel, near their highest level in almost three years supported by stronger Chinese demand for US supplies and expectations of further purchases ahead of high-level US-China talks. China has already passed the halfway mark of its commitment to purchase 25 million metric tons of US soybeans, while recent US export sales have remained firm, confirmed at about 1.7 million metric tons, driven largely by Chinese demand. The buying comes ahead of a planned meeting between US President Donald Trump and Chinese President Xi Jinping next week, raising hopes for progress on agricultural trade and potentially lower tariffs on US farm goods. Meanwhile, attention remains on the approaching US harvest and crop conditions across the Midwest, while weather-related delays could provide additional near-term support. Brazil’s upcoming soybean crop is also in focus, with expectations for another large harvest potentially limiting longer-term supply concerns.