Chicago soybeans edge lower ahead of Trump-Xi meeting

BEIJING: Chicago Board of Trade soybean futures edged lower on Tuesday, as traders hoped that an upcoming meeting between the presidents of the US and China, the world’s largest soybean-importing nation, would result in greater demand from the Asian country.

The most-traded soybeans on the Chicago Board of Trade slipped 0.2% to $13.25-3/4 a bushel by 0240 GMT.

CBOT wheat dropped 0.3% to $7.24-1/2 a bushel, while corn was flat at $5.42-3/4 a bushel.

The market has been hoping for Beijing to remove a 10% import duty on US soybeans, encouraging private Chinese buyers to resume purchases.

On Thursday, US President Donald Trump and his Chinese counterpart, Xi Jinping, are scheduled to meet in Washington and are expected to talk about a variety of issues, including trade.

US Treasury chief Scott Bessent said over the weekend he had successful talks with Chinese officials on trade issues.

In May, the White House said that China had committed to purchasing at least $17 billion of US agricultural products in 2026, 2027 and 2028.

In Europe, the ongoing Russia-Ukraine war forced Russian companies to repurpose fertiliser, coal, and other cargo terminals at Russia’s Baltic and Arctic ports to handle grain exports after Ukrainian drone attacks disrupted shipments through the Black Sea, five sources said.

Both Russia, the world’s largest wheat exporter, and Ukraine saw a drastic reduction in grain exports due to tit-for-tat attacks on vessels and ports in the Black Sea over recent months.

In the previous export season, almost 90% of Russia’s seaborne grain exports were shipped through the Black Sea.