Trump-Xi Meeting Weighs on Market Expectations for Soybean Futures

Chicago soybean futures rose on Monday as Chinese imports of US beans fell in August. The decline in US soybean purchases by China weighed on market expectations, but traders remain cautious ahead of a meeting between US President Donald Trump and his Chinese counterpart, Xi Jinping.

The most-traded soybeans on the Chicago Board of Trade increased 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.

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. This decline is attributed to China passing the halfway mark toward its 25 million-ton US soybean purchase target for this year.

The meeting between Trump and Xi Jinping will focus on trade issues, including Chinese purchases of soybeans and other US agricultural goods. Market players await the outcome of this meeting to assess its impact on commodity flows.