US soybean prices rise amid expectations of renewed Chinese purchases

According to traders, spot bids for soybeans delivered by barge to terminals along the U.S. Gulf Coast rose on Tuesday, while corn prices remained mostly steady.

A spot check showed that soybean basis levels increased at several elevators and processing plants across the U.S. Midwest, even as futures declined.

Market participants closely watched whether Washington and Beijing could reach a deal to resolve the ongoing trade dispute that led China to halt purchases of U.S. soybeans and shift demand to South America.

The American Soybean Association and the U.S. Soybean Export Council reported that no new sales of U.S. soybeans to China—the world’s largest importer—are expected in the near term, and shipments are unlikely over the coming weeks.

According to traders, it remains unclear whether China will need to buy U.S. soybeans between December and February as it awaits the next harvest in Brazil.

Many U.S. farmers have been storing newly harvested soybeans in bins instead of selling to grain processors due to low cash prices and the absence of Chinese demand on the U.S. market.

October CIF barge bids for soybeans were about 3 cents higher at 80 cents over November Chicago Board of Trade (CBOT) futures. November barge bids stood at 82 cents over futures, also up 3 cents.

FOB export premiums for October shipment were quoted around 94 cents over futures, up 2 cents from the previous session.

November CBOT soybean futures slipped by 1 cent to $10.30¾ per bushel, after briefly touching $10.38—the highest level since September 19. December soybean meal futures rose $1.90 to $286.90 per short ton, while December soybean oil fell 0.66 cent to 50.65 cents per pound.

Soybean prices have paused after a week of gains fueled by optimism that China could soon resume purchases of U.S. soybeans.

U.S. President Donald Trump said Monday he expects to reach a fair trade agreement with Chinese President Xi Jinping and wants Beijing to buy soybeans ahead of their planned meeting in South Korea next week.

U.S. Treasury Secretary Scott Bessent also said Friday that he expects to meet with Chinese Vice Premier He Lifeng in Malaysia this week to try to prevent a further escalation of U.S. tariffs on Chinese goods.

Nov 25 Soybeans  closed at $10.30 3/4, down 1 cent,

Nearby Cash  was $9.58 1/4, up 0 cent,

Jan 26 Soybeans  closed at $10.48 1/2, down 1 1/2 cents,

Mar 26 Soybeans  closed at $10.62 3/4, down 1 1/4 cents

Tags: prices, soybean