Chicago Board of Trade (CBOT) soybean futures edged higher on Tuesday amid cautious optimism that China will continue purchasing U.S. soybeans under the ongoing trade discussions. Analysts cited remarks from the Trump administration as reinforcing expectations of further Chinese purchases as part of a bilateral trade truce.
Traders were also adjusting positions ahead of the U.S. Thanksgiving holiday, keeping trading range-bound. The absence of a fully signed agreement has left agricultural markets sensitive to shifts in policy and sentiment between the United States and China, according to Arlan Suderman, chief commodities economist at StoneX.
CBOT January soybeans closed 1-1/2 cents higher at $11.24-1/4 per bushel. January soybean meal rose $2.10 to $320.40 per short ton, while January soybean oil increased 0.13 cent to 50.65 cents per pound.
U.S. Treasury Secretary Scott Bessent confirmed that Chinese purchases of American soybeans are proceeding on schedule, referring to an agreement for China to buy 87.5 million metric tons over the next three and a half years. Recent USDA data reported net export sales of 786,400 metric tons for the week ending October 9, in line with market expectations.
Shipping schedules indicate two cargo vessels were heading to New Orleans grain terminals to load the first U.S. soybean shipments for China since May. Market attention has also returned to President Trump’s recent conversation with Chinese President Xi Jinping, which included discussions on U.S. farm products and could further support demand.
Overall, the modest gains in soybean futures reflect cautious confidence that steady Chinese buying will continue to underpin the U.S. market while traders await concrete developments in the broader trade negotiations.
