U.S. soybean futures reached a 15-month high on Thursday after President Donald Trump’s administration said top-importer China agreed to buy tens of millions of tons of American crops in the next few years as part of a trade truce.
Chicago Board of Trade soybean futures hovered near a 15-month high on Wednesday after trade sources said China made its first purchases from the autumn U.S. harvest ahead of a summit between leaders Donald Trump and Xi Jinping.
Optimism over thawing trade relations between the United States and China gave soybean futures at the Chicago Board of Trade a boost during the week ended Oct. 29, with the advances in the soy market spilling into corn and wheat.
Chicago soybean futures reached their highest in 15 months on Tuesday, briefly topping $11 a bushel on optimism that the U.S. could reach a trade deal with China as leaders from both countries are expected to meet in South Korea on Thursday.
U.S. soybean futures jumped to their highest level in more than four months on Monday on hopes that China will resume buying American supplies after President Donald Trump said the countries were set to reach a trade deal during his trip to Asia this week.
U.S. soybean futures retreated on Friday from a one-month high, pressured by a dip in crude oil prices and a round of farmer selling while market players awaited upcoming U.S. trade talks with China, the world’s top soybean buyer.
U.S. soybean and corn futures rose on Thursday to one-month highs, spurred by a jump in crude oil following U.S. sanctions on Russia’s two biggest oil firms along with hopes for progress in U.S.-Chinese trade talks.
Feed prices on the Canadian Prairies are likely to remain steady for the time being, said Brandon Motz, a manager at CorNine Commodities in Lacombe, Alta.
The International Grains Council has raised its forecast for 2025/26 global wheat production with crop outlooks upgraded for Russia, the United States and Argentina.