Soybeans rise 24.5 cents to $13.28 on US-China talks

Soybean futures rose on the Chicago Board of Trade on Monday, September 21, as traders positioned ahead of an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping. The November soybean contract settled up 24.5 cents at $13.28 per bushel. Market participants focused on the scheduled Thursday meeting because China is the world's largest importer of soybeans.

US Treasury head Scott Bessent stated that he held successful talks with Chinese officials on trade issues over the weekend. Jim Gerlach, president of Indiana-based commodities brokerage A/C Trading, noted hopeful optimism regarding the Thursday summit. The White House reported in May that China had committed to buy at least $17 billion in US agricultural products across 2026, 2027, and 2028.

Chinese state buyers have been purchasing US soybeans, but traders expect private buyers could return if Beijing removes a 10% import tariff, according to Matt Ammermann, commodity risk manager at StoneX. Corn and wheat also advanced alongside soybeans. The December corn contract closed up 15.5 cents at $5.43 per bushel. Wheat gained 12.5 cents to settle at $7.2675 per bushel after drone strikes by Ukraine and Russia reduced hopes for a detente, virtually halting Black Sea grain exports.