Soybeans Rally on Trump–Xi Purchase Pledge as Wheat, Corn and Cotton Retreat

Overview

• U.S. officials said China committed to buy 12 MMT of soybeans this year and 25 MMT annually for three years, with tariff relief expected, and President Trump highlighted large sorghum purchases.
• Soybean futures extended gains, with nearby contracts up roughly 10 to 14 cents after wide intraday swings, and national cash prices moved higher.
• Wheat futures fell 7 to 10 cents across Chicago and Kansas City contracts in a sell-the-fact move after no wheat-specific commitments were cited beyond tariff relief.
• Corn futures slipped 2 to 4 cents as traders noted no explicit Chinese corn buying, while EIA data showed U.S. ethanol production down to 1.091 million barrels per day.
• Cotton futures dropped 80 to 90 points as trade headlines faded, with the ongoing USDA shutdown pushing the market to lean on private estimates such as Rabobank’s large Brazil crop outlook.