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

Chicago soybean futures edged down on Friday but remained on course for their biggest monthly gain in nearly four years after a rally fuelled by the prospect of revived soybean exports under a U.S.-Chinese trade truce. Corn and wheat, not mentioned by Washington and Beijing as part of agricultural trade commitments, fell for a second session, though they were also set for a monthly rise. 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 later specified that 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 after Chinese buyers had largely turned to South American supplies in recent months amidst the broader trade dispute ...