Soybean futures rose as much as 0.7% on Monday in Chicago, their biggest gain since Oct. 23, after a slide below $12 a bushel last week. The rebound followed mounting concerns over ample supplies and weakening US export demand.
The Trump administration is pressing Beijing to follow through on its commitments. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer spoke with China's Vice Premier He Lifeng on Friday, urging China to "fully and immediately" implement pledges made at a meeting between the two countries' leaders in Busan in 2025. China agreed to buy 25 million tons of US soybeans annually for three years. In May, the White House said it would purchase an additional $17 billion of US agricultural products each year through 2028.
The talks could increase pressure on Beijing to boost purchases of American soybeans ahead of a possible meeting between Trump and Xi at the APEC summit in Shenzhen in mid-November, according to Joe Davis, director of commodity sales at Futures International LLC.
Davis cautioned that the outlook remains uncertain. "The bearish risk is that purchases remain contingent on tariff reductions, leaving the market with optimism but no confirmed incremental demand," he said.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing