The oilseed reached a peak in the last 30 days due to the possibility that the Asian giant will once again import American beans.
Chicago soybean futures hit their highest level in a month on Monday on optimism ahead of US-China trade talksafter US President Donald Trump said he believed Beijing would agree to a trade deal and buy back US soybeans.
Corn and wheat futures followed the rise of soybeans, but the abundant supply of both crops slowed the increases.
About the afternoon, November CBOT soybeans rose 1.2%, to $379.10the highest level of the contract since September 19.
Soybeans rose ahead of Trump’s meeting with Chinese President Xi Jinping in South Korea later this month. Trump said on Sunday that China wanted to buy soybeans “at least in the quantity they bought before” and that he believed that an agreement on grain would be reached.
“The market just wants to believe (that) maybe something positive will come out of this”said Don Roosepresident of US Commodities, based in Iowa. “The funds have stopped trying to pressure the (soybean futures) market,” Roose said.
China imported no US soybeans in September, the first time since November 2018 that shipments fell to zerowith Chinese buyers turning to South American supplies during the trade war with the US
Corn futures drew strength from the rise in soybeans, but concerns about tension between the US and Colombiaa major buyer of U.S. corn, loomed over the market, Roose said.
Colombia withdrew its ambassador from Washington after Trump said that would increase tariffs on Colombia and stop all payments to the countryintensifying a dispute stemming from US military attacks on ships supposedly transporting drugs.
U.S. farmers push ahead with soybean harvest
Meanwhile, American farmers continue to harvest corn and soybeans. This week the publication of statistical reports from the Department of Agriculture due to the government shutdown. But analysts polled by Reuters on average estimated that the US soybean crop was 73% harvested on Sunday and the corn crop was 59% harvested.
In Brazilthe 2025/26 soybean crop was 24% planted as of last Thursday, agribusiness consultancy AgRural said Monday.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
