US Soybean Market Fails to Gain Momentum Despite Trump-Xi Meeting
The US soybean market saw its futures close slightly lower on Thursday due to a lack of positive momentum. Despite pre-summit hype, the meeting between Chinese President Xi Jinping and US President Donald Trump did not produce any new ag purchases by China.
The USDA released its export sales report for the week ending September 17, showing that soybean exports for 2026-27 were 582,400 tonnes, falling short of trade expectations of 1.5 million to two million tonnes. The combined sales of old and new crop soymeal were near the low end of trade guesses of 250,000 to 375,000 tonnes.
Treasury Secretary Scott Bessent announced that the US-China trade truce will continue for two months to work on a more permanent agreement. Corn futures also declined in sympathy with soybeans, while wheat futures were lower due to export sales below trade guesses.