Soybean futures rose as much as 1.9% on Wednesday to clock the biggest intraday move since Aug. 21, as President Donald Trump said he would confront Chinese President Xi Jinping this month over the purchase of American soybeans.
Trump said he would meet Xi at the upcoming Asia-Pacific Economic Cooperation summit, where soybeans would be “a major topic of discussion.”
Half Of U.S. Soybean Exports Are To China
The leader has been under pressure to resolve the deadlock with China over tepid soybean purchases, which have hurt American farmers.
Soybeans are the single largest American export to China in terms of value, worth about $12.6 billion last year, and accounting for more than half of the total US soy export value.
China is also the world’s top soybean buyer, meaning it has significant influence on global markets. It has not purchased any U.S. soybeans since May, according to the American Soybean Association.
This is because of the retaliatory tariffs China has placed on the U.S., making the price of American soybeans unattractive for buyers there. Farmers had hoped for a trade deal with China by Sept. 1 — the beginning of the new marketing year for soybeans, but there has been no relief so far.
“It’s All Going To Work Out Very Well,” Trump Says
Late-session buying on Wednesday was fueled by Trump’s post on the social media platform Truth Social, announcing he would use tariff revenue to help struggling farmers.
"It's all going to work out very well. I LOVE OUR PATRIOTS, AND EVERY FARMER IS EXACTLY THAT!" Trump posted. "MAKE SOYBEANS, AND OTHER ROW CROPS, GREAT AGAIN!"
Soybean futures pared gains slightly and were last trading at $10.11 per bushel around 2.45 a.m. ET on Thursday. The previous session was weighed down by concerns over a U.S. government shutdown.
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