China Buys First U.S. Soybeans Ahead of Trump–Xi Summit

Soybean futures held below $13 per bushel, after hitting a four-week low, as disappointment over the latest US-China trade agreement weighed on demand prospects. China agreed to reduce tariffs on a range of US agricultural products, including corn, wheat, soyoil and soymeal, but US soybeans were excluded, leaving them subject to an additional 10% tariff, which continues to discourage Chinese buyers. Chinese state-owned buyers have purchased more than 12 million tonnes of US soybeans, nearly half of the 25 million tonnes the White House said Beijing committed to buying annually through 2028, but no new purchase commitments were announced and the trade truce was extended only through January 10. Meanwhile, the USDA reported harvest at 17% complete as of September 27, matching the five-year average, while export inspections rose to 1.15 million tons in the latest week from 769,698 tons previously. The crop was also rated 58% good-to-excellent, unchanged from the prior week.

Soybeans decreased to 1284.00 USd/Bu, the lowest since August 2026. Over the past 4 weeks, Soybeans gained 0.77%, and in the last 12 months, it increased 27.17%.

Soybean futures fell below $13 a bushel, their lowest level in more than two weeks, as traders welcomed a US-China agreement to reduce tariffs on roughly $30 billion worth of imports from each country. Although the agreement does not directly cover soybeans, China’s tariff reductions include corn and wheat, while the two countries also agreed to establish an agricultural working group. Meanwhile, China has already purchased more than half of its earlier annual pledge to buy 25M tons of US soybeans. Still, soybean prices remained close to the 3-1/2-year high of $13.3 reached on September 10, as elevated global energy prices and policy incentives promoting cleaner fuels have boosted crushing activity, drawing more supplies into biofuel production. Meanwhile, persistent rains have delayed the early US harvest tightening supplies available to processors at a time when domestic crushing demand is strong. The USDA expects US soybean crushing to reach a record 2.78B bushels in 2026/27.