Chicago soybeans rise as China's buying of US beans falls in August

Business Recorder reported that Chicago soybean futures edged higher on Monday even as Chinese imports of American beans fell during August. The most-traded contract gained 0.7% to $13.12-1/2 a bushel by 0240 GMT, while wheat climbed 1.8% to $7.27-1/2 and maize rose 1.3% to $5.34-1/2 a bushel.

China, the world's largest buyer of soybeans, imported 12.14 million metric tons in August, down 1.1% from a year earlier but up 5.7% from July, according to official figures released on Sunday. Imports of US soybeans, however, were 12% lower in August than the year before. For January to August, US soybean imports were down 34% at 10.66 million tons, while Brazil's rose 5% to 55.14 million tons.

Traders are watching a Trump-Xi meeting later this week, where purchases of soybeans and other American farm goods are on the agenda. China has also surpassed the midpoint of its target of 25 million tons of US soybeans for this year, with shipments set to begin in September. Separately, the USDA disclosed a private sale of 111,000 metric tons to China on Friday, while the report noted that much of the recent support from Black Sea disruptions and summer weather was already reflected in prices. Forecasts pointed to less rain in parts of the Midwest this week, easing worries over harvest delays.