Soybeans Ease After Rally as Traders Weigh China Talks

Soybean futures gave back part of Monday’s rally early Tuesday, with the November contract down about 6 cents. It had gained 24½ cents on Monday to close at $13.28 a bushel.

The move followed a sharp shift in trader sentiment. Monday’s gains came as investors put risk back into the market ahead of a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

The USDA reported that 12% of the U.S. soybean crop had been harvested by September 20, ahead of the five-year average of 8%. Another 62% was dropping leaves, while crop conditions held steady at 58% rated good or excellent.

Export shipments offered a brighter demand signal. U.S. soybean inspections totaled 759,193 metric tons for the week ending September 17, up 11.6% from the prior week and 34.2% from the same week last year.

China received 446,789 metric tons of those shipments, making it the largest destination. Season-to-date shipments reached 36.848 million tons, 1.8% above the same point last year.

A Chinese state soybean buyer, Sinograin, sold 338,674 metric tons at an auction Tuesday, just over 62% of the volume offered. It scheduled another auction of 514,000 tons for the following Monday.

Those sales leave traders weighing Chinese demand against the pace of U.S. harvest. Faster-than-usual field progress may add supply to the market, while further purchases could support prices.

The Trump-Xi meeting, planned for Thursday in Washington, is the next major focus. Traders will watch for signs of additional Chinese buying, alongside updates on harvest and weekly export shipments.