Soybeans sag as traders wait for details on US-China summit
DBA•Soybean futures fell 3 cents to $13.15 per bushel as traders awaited details of potential US-China agricultural trade deals. Corn declined 2 cents to $5.27, and wheat fell 4-1/4 cents to $7.04-1/4 per bushel.
1. Trade details awaited
Chicago soybean and grain futures fell as traders waited to see whether a US-China summit would produce agricultural trade deals. US Treasury Secretary Scott Bessent said the two countries had agreed to extend until January 10 an agreement pausing a trade war; traders were hoping for specific Chinese crop-purchase commitments or removal of a 10% tariff on US soybeans.
2. Markets face pressure
The White House said in May that Beijing had committed to purchasing at least $17 billion of US agricultural products in 2026, 2027 and 2028. The dollar's rise to a fresh two-month high added pressure on grain markets, while renewed diplomatic efforts on Ukraine and Turkey's efforts to restore the Black Sea grain corridor kept traders focused on export prospects.
