US-China Trade Truce Extension Sends Soybean Futures Soaring

Soybean futures surged overnight after US and Chinese officials announced an extension of their trade truce until January. The agreement, set to be discussed between Presidents Donald Trump and Xi Jinping today, has brought optimism ahead of talks. Treasury Secretary Scott Bessent said the sides agreed to extend the truce around the same time Trump welcomed Xi for a state visit to Washington.

Iowa Rep. Zach Nunn expressed skepticism about China's reliability as a trade partner, stating that Beijing 'has a long record of making promises and failing to deliver on them.' He emphasized that any new trade agreement must be enforceable and open markets for American products without giving China leverage over US farmers or manufacturers.

Soybean futures rose 6.75 cents to $13.24.75 per bushel overnight, while corn futures fell by 0.75 cents to $5.28.25 per bushel. Wheat futures plummeted by 7.25 cents to $7.01.25 per bushel.