Chicago soybean futures fall 1% after Trump-Xi meeting

Chicago soybean futures fell on Thursday after President Donald Trump and Chinese President Xi Jinping concluded their meeting, as markets were disappointed by the lack of concrete details on agricultural purchases. The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 1.32% to $10.8 a bushel, as of 0516 GMT, retreating from a 15-month high hit in previous sessions. “Large amounts, tremendous amounts of soybeans and other farm products are going to be purchased immediately,” Trump told reporters on Air Force One after his meeting with Xi. He also said the U.S. would cut the fentanyl tariff on China to 10% from 20%. China has not released any information following the talks. “There is nothing really there,” said Andrew Whitelaw, an analyst at Australian consultant Episode 3. “The market was expecting a trade deal that was concrete and would resume the trade, but it’s not really all that concrete as far as we can see at the moment,” he added. In a potential thaw ...