Chicago soybeans edge lower ahead of Trump-Xi meeting

Business Recorder reported that most-traded soybean futures on the Chicago Board of Trade fell 0.2% to $13.25-3/4 a bushel by early Tuesday, as traders bet a US-China summit would prompt greater buying from Beijing, the leading soybean importer worldwide. Wheat on the same exchange fell 0.3% to $7.24-1/2 a bushel, while corn was unchanged at $5.42-3/4.

Market participants have been looking for China to scrap its 10% import duty on US soybeans, a move that could encourage private Chinese buyers to return. Trump and Xi Jinping are due to hold talks in Washington on Thursday, with trade expected to feature among a range of topics. Bessent, the US Treasury chief, said over the weekend that his trade discussions with Chinese officials had been productive.

The White House said in May that China had pledged purchases worth $17 billion or more of American farm goods for 2026 through 2028. Separately, five sources said Russian companies have repurposed fertiliser and coal handling sites, along with other cargo terminals, at Baltic and Arctic ports to move grain after Ukrainian drone attacks disrupted Black Sea shipments. Russian and Ukrainian grain shipments have both slumped in recent months as the two sides strike each other's vessels and harbours in the Black Sea.