US-China Summit Triggers Trading Pause in Soybean Futures
The soybean futures market remained steady on Tuesday as traders awaited the outcome of the US-China summit later this week. The Chicago Board of Trade soybean futures saw little movement, with prices holding at $13.28-1/2 a bushel.
Market participants are watching to see if Beijing will commit to new purchases and remove a 10% import duty on soybeans. The US Department of Agriculture reported that the corn harvest was 13% complete as of Sunday, while soybean harvesting stood at 12%, both ahead of their five-year averages.
Don Roose, president of Iowa-based brokerage U.S. Commodities, noted, 'We’re on hold, waiting to see what comes out of the meeting.' The CBOT futures fell 4-1/4 cents to $5.38-3/4 a bushel, while the soybean futures dropped 6 cents to $7.20-3/4 a bushel.