Chicago soybeans set for biggest monthly gain in nearly four years on China trade optimism

Chicago soybean futures rose more than 10% in October, their biggest monthly gain in nearly four years, after U.S. President Donald Trump’s administration said Beijing had agreed to boost purchases of U.S. soybeans as part of a trade truce. The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.2% to $11.10 a bushel as of 0212 GMT, hovering near a 15-month high. The market remains on track for its strongest monthly advance since January 2022. Trump said on Thursday that he and Chinese President Xi Jinping had agreed to lower tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing. U.S. Treasury Secretary Scott Bessent said China agreed to buy 12 million metric tons of U.S. soybeans through January and 25 million tons annually for the next three years. The new commitment was welcomed by U.S. farmers struggling with low crop prices, poor export demand and high ...