FX.co ★ Soybeans Remain Firm Ahead of Trump-Xi Talks

Soybean futures rose above $13.10 per bushel, hovering near their highest level in almost three years, supported by robust Chinese demand for US supplies and expectations of additional buying ahead of high-level US–China talks. China has already surpassed the halfway point of its pledge to purchase 25 million metric tons of US soybeans, while recent US export sales have stayed solid at about 1.7 million metric tons, driven largely by Chinese orders.

The pickup in buying comes in advance of next week’s planned meeting between US President Donald Trump and Chinese President Xi Jinping, fueling optimism over progress in agricultural trade and the possibility of lower tariffs on US farm products. At the same time, markets are closely watching the US harvest, with heavy rains across parts of the Midwest slowing fieldwork and likely offering near-term support to prices.

Attention is also turning to Brazil’s 2026/27 soybean crop as planting begins. Forecasts indicate another record harvest, though the pace of growth is expected to be modest.