HAMBURG: Chicago soybeans fell on Monday, after hitting near two-year highs last week, as a potential delay in US President Donald Trump’s meeting with Chinese President Xi Jinping later in March, dampened hopes of more US soybean sales to China.
Wheat and corn also fell. Chicago Board of Trade most-active soybeans fell 2.6percent to USD11.93-1/4 a bushel at 1204 GMT. Wheat fell 0.5 percent to USD6.10-1/2 a bushel and corn was down 1.1percent at USD4.61-3/4 a bushel.
Trump said on Sunday he could delay his summit with China’s president later this month as he presses Beijing to help unblock the Strait of Hormuz. “President Trump’s comment about possibly delaying his summit meeting with China’s president has pushed soybeans down sharply and caused spill over weakness to wheat and corn,” said Matt Ammermann, commodity risk manager at StoneX.
“If the US/China summit is delayed it could cause doubt about whether China will actually buy more US soybeans as hoped.” US and Chinese officials held talks in Paris on Sunday said to be “remarkably stable”, with China reportedly remaining committed to buying more US soybeans under the October 2025 US-China trade truce.
A potential delay of Trump and Xi’s meeting “may have consequences for how many soybeans China will keep buying,” said Tobin Gorey of agricultural consultants Cornucopia. Trump said his administration is talking to several countries to help protect shipments and ease disruptions in the Hormuz strait, which Tehran has mostly blocked.
“Overall, markets may be getting used to Iran war news which has continued in a similar pattern in past days,” Ammermann said. “Fundamentally, wheat and corn markets look bearish with big volumes of wheat seeking buyers, especially cheap Black Sea supplies, while South American corn crops look positive.”