Soybean and wheat prices drop sharply on Chicago amid limited Chinese purchases

conditions in South America continued to pressure supply expectations. Futures had rallied on Wednesday after reports that China suspended retaliatory tariffs on U.S. imports, including agricultural goods. However, U.S. soybean shipments remain subject to a 13% import duty. On Thursday, the market was still awaiting confirmation of soybean purchases, while a Reuters report that China booked two cargoes of U.S. wheat suggested smaller volumes than the several hundred thousand tons initially expected. “It’s really about the ebb and flow of emotion regarding China,” said Arlan Suderman, chief commodities economist at StoneX. The most active soybean contract on the CBOT ended the week down 26 ¾ cents at $11.07 ½ per bushel, below Wednesday’s 16-month high of $11.37. U.S. officials said the trade truce includes China’s commitment to buy 12 million metric tons of agricultural goods during November and December. Soybean futures on Thursday extended losses from Wednesday’s highs as modest ...