Soybean futures dropped below $12.90 per bushel, hitting a four-week low, as disappointment over the latest US–China trade arrangement weighed on demand expectations. China agreed to cut tariffs on a range of US agricultural products, including corn, wheat, soyoil, and soymeal, but US soybeans were excluded and remain subject to an additional 10% tariff, which continues to deter Chinese buyers.
Chinese state-owned importers have purchased more than 12 million tonnes of US soybeans—nearly half of the 25 million tonnes per year that the White House said Beijing committed to buy through 2028. However, no new purchase commitments were announced, and the trade truce was extended only through January 10.
On the supply side, the USDA reported that the US soybean harvest was 17% complete as of September 27, in line with the five-year average. Export inspections increased to 1.15 million tons in the latest week, up from 769,698 tons previously. The crop condition rating held steady, with 58% of the crop classified as good to excellent, unchanged from the prior week.
