US Soybean Futures Rise on Speculation of Chinese Purchase

Soybean futures on the Chicago Board of Trade (CBOT) strengthened on Monday due to speculation that China might purchase US soybeans before the summit between Presidents Donald Trump and Xi Jinping.

China's import of US soybeans in August was nearly 200,500 tonnes, a slight decrease from the previous year. However, imports from Brazil last month increased to 10.61 million tonnes from 10.48 million a year ago.

The US Department of Agriculture reported that soybean export inspections improved to 759,193 tonnes for the week ended September 17, with a year-to-date total of 1.68 million tonnes, slightly ahead of 1.65 million this time last year.

Wheat futures were also higher on Monday due to the ongoing Russia-Ukraine war, which is curtailing grain exports from the Black Sea region. Egypt, the world's largest wheat importer, wants to diversify its purchases away from the Black Sea and is looking at France and other European suppliers.