Soybeans sag as traders wait for details on US-China summit
SOYB•Soybean and other grain futures fell as traders awaited details of potential US-China agricultural trade deals. Soybeans closed down half a cent at $13.17½ per bushel, corn fell 1½ cents to $5.27½, and wheat slipped 1½ cents to $7.07.
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. Traders hoped China would announce specific US crop purchases or remove a 10% tariff on US soybean imports.
2. Prices and commitments
Most-active CBOT soybeans closed down half a cent at $13.17½ per bushel. Corn ended 1½ cents lower at $5.27½, while wheat slipped 1½ cents to $7.07. The White House said in May that Beijing had committed to buying at least $17 billion of US agricultural products in 2026, 2027 and 2028; a market strategist said traders had not seen evidence China was following through.
3. Other market pressures
Grain markets also faced pressure as the dollar reached a fresh two-month high. Traders were watching efforts to restore the Black Sea grain corridor, where cargo movements were near a standstill due to attacks on ships and port infrastructure.
