CBOT soybeans jump on hopes for China deals from Trump-Xi meeting

Chicago Board of Trade soybean futures ended higher on Monday on hopes for more Chinese demand for US soybeans as a result of a meeting expected this week between Presidents Donald Trump and Xi Jinping, analysts said.

• Traders hope Beijing may remove a 10% import duty on US soybeans, encouraging private Chinese buyers to resume purchases.
• US Treasury chief Scott Bessent said he had successful talks with the Chinese on trade issues over the weekend.
• Rain has delayed autumn US harvests in some areas of the Midwest, slowing the flow of fresh crops into the supply pipeline, analysts said.
• Analysts on average projected that the US Department of Agriculture will lower its good-excellent rating for the US soybean crop by one percentage point in a weekly report due later on Monday, according to a Reuters poll.
• The soybean harvest was seen 12% complete, about in line with its five-year average.
• CBOT November soybeans SX26 closed up 24-1/2 cents at $13.28 per bushel.