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Chicago soybean futures edged lower on Thursday as traders closely watched Chinese President Xi Jinping’s state visit to Washington for signs of progress on U.S.-China agricultural trade and future soybean purchases.
CBOT November soybean futures settled 0.5 cent lower at $13.17-1/2 per bushel, reflecting caution among market participants as President Donald Trump hosted Xi at the White House. The state visit includes bilateral discussions alongside a series of ceremonial events, with trade and agricultural purchases among the economic issues drawing market attention.
Grain traders were looking for concrete announcements that could strengthen Chinese demand for U.S. soybeans. China remains a critical export market for American farmers, making any changes to tariffs, purchasing commitments or broader trade relations potentially significant for agricultural commodity prices.
Ahead of the summit, U.S. Treasury Secretary Scott Bessent said Washington and Beijing agreed to extend their existing trade truce until January 10, 2027. The arrangement had previously been scheduled to expire in November and gives both governments additional time for economic negotiations. Bessent also said China has been meeting its soybean purchasing obligations, although it remains behind schedule on some other agricultural commitments.
Fresh export activity provided some support to the soybean market. Private exporters reported sales of 120,000 metric tons of U.S. soybeans to China through the U.S. Department of Agriculture’s daily reporting system.
However, broader weekly export figures were less encouraging. USDA data showed net U.S. soybean export sales totaled 582,400 metric tons for the week ended September 17 for delivery during the current marketing year, coming in below trade expectations.
Soybean meal performed better than soybeans during Thursday’s session. CBOT December soymeal gained $1.80 to close at $372.40 per ton after reaching a new contract high.
The soybean market is likely to remain sensitive to any additional U.S.-China trade announcements, particularly measures affecting tariffs and Beijing’s commitments to purchase American agricultural products.
