Soybean futures hovered near $13 per bushel, trading sideways and holding close to their highest levels since December 2023 as markets awaited clarity from a planned US–China summit and potential signs of renewed Chinese demand for US crops. Traders are looking for Beijing either to announce concrete purchases of US agricultural products or to lift its 10% tariff on US soybeans, after Washington and Beijing agreed to extend a pause in their trade dispute until January 10.
The White House said in May that China had pledged to buy at least $17 billion in US agricultural goods in each of 2026, 2027, and 2028, though traders noted there has been little visible follow-through so far. At the same time, a stronger US dollar continued to pressure grain markets by making American farm exports more expensive for overseas buyers, while renewed diplomatic initiatives on the Ukraine war fueled hopes for improved export flows through the Black Sea.
Market attention now turns to next week’s USDA quarterly report, which is expected to show September 1 soybean inventories at 324 million bushels, only marginally below levels from a year earlier.
