Chicago Soybeans Rise as China's US Bean Imports Plummet

Chicago soybean futures edged higher on Monday as Chinese imports of US beans fell in August. This decrease, combined with traders' anticipation for a meeting between US President Donald Trump and Chinese counterpart Xi Jinping later this week, contributed to the increase.

The most-traded soybeans on the Chicago Board of Trade rose 0.7% to $13.12-1/2 a bushel by 0240 GMT. CBOT wheat gained 1.8% at $7.27-1/2 a bushel, while corn advanced 1.3% to $5.34-1/2 a bushel.

According to official data, Chinese imports of US soybeans fell 12% in August from a year earlier, with the world's largest soybean buyer bringing in 12.14 million metric tons in total in August. This is down 1.1% from 12.28 million tons a year earlier and up 5.7% from July.

Market players await the Trump-Xi meeting, where Chinese purchases of soybeans and other US agricultural goods will be among the trade issues in focus.