Soybeans fall as rapid US harvest overshadows China trade hopes

U.S. soybean futures closed lower on Friday as pressure from a fast-advancing U.S. harvest offset early-session support from hopes that upcoming U.S.-China talks could revive stalled soybean trade. Corn edged lower on the prospect of rising supplies from a likely record-large U.S. crop, while wheat firmed on short covering and technical buying. Despite the losses in soybeans, the market posted its first weekly advance in three weeks, rising nearly 25 cents a bushel from midweek lows after comments by U.S. President Donald Trump that soybeans would be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks. Meanwhile, U.S. Treasury Secretary Scott Bessent on Thursday predicted a “pretty big breakthrough” from the Trump-Xi talks while also flagging U.S. government aid for soybean farmers. “We had a little Trump bump,” said Don Roose, president of U.S. Commodities. “It’s seller beware when you’ve got the administration out here trying to talk more ...