Chicago Soybeans Rise as Chinese Imports of US Beans Fall in August
Chicago soybean futures have risen as Chinese imports of US beans fell in August. The CBOT soybeans rose 0.7% to $13.12-1/2 a bushel by 0240 GMT on Monday. Wheat and corn also gained, with the CBOT wheat increasing 1.8% at $7.27-1/2 a bushel and the CBOT corn advancing 1.3% to $5.34-1/2 a bushel.
Market players are awaiting the meeting between US President Donald Trump and Chinese counterpart Xi Jinping later this week, where trade issues including Chinese purchases of soybeans and other US agricultural goods will be discussed. Official data showed that Chinese imports of US soybeans fell 12% in August from a year earlier.
In the January-August period, US soybean imports fell 34% from a year earlier to 10.66 million tons, while shipments from Brazil rose 5% to 55.14 million tons. China had also passed the halfway mark toward its 25 million-ton US soybean purchase target for this year.