Chicago soybean futures rise as Trump plans May meeting with China’s Xi

BEIJING: Chicago soybeans inched higher on Thursday, as US President Donald Trump’s plan to meet Chinese President Xi Jinping in May lifted hopes of stronger Chinese demand for US supplies.

Wheat and corn also gained. The most-active soybean contract on the Chicago Board of Trade (CBOT) firmed 0.2% to $11.74-1/4 a bushel as of 0425 GMT.

CBOT wheat gained 0.4% to $6.00-1/4 a bushel.

Corn raised 0.1% to $4.67-1/2 a bushel. Initially slated to travel next week, Trump will now visit Beijing on May 14-15, he said on Truth Social on Wednesday, adding that he would host Xi for a reciprocal visit in Washington later this year.

“Some traders are optimistic that the meeting would raise the prospect for continued China buying of US soybeans, but it’s worth noting that China has shifted to purchasing most of its soybeans from Brazil since last year,” said a Beijing-based analyst.

China is expected to further increase imports of Brazilian soybeans in the first half of 2026, as record production and competitive prices propel shipments.

Chinese state-owned firms have bought about 12 million metric tons of US soybeans since late October, fulfilling a US-stated pledge, but volumes remain well below China’s purchases of roughly 23 million tons in the 2024/25 crop year.

In Brazil, the world’s largest soybean producer and exporter, farmers are expected to harvest 184.7 million tons of soybeans in the 2025/2026 season, agribusiness consultancy Agroconsult said on Wednesday, raising its early-March estimate by 0.9% after completing its Rally da Safra field survey.

Brazil’s soybean planting area will likely remain stable in the upcoming 2026/27 season, but the scenario depends heavily on how long the US-Israeli war on Iran lasts, Agroconsult said.

Reports of a 15-point US plan to end the Iran war, following Trump’s comments this week about talks with Tehran, also boosted hopes of de-escalation in the Middle East conflict.