US-China agreement boosts soybean prices on the Chicago exchange, consultancy points out

The soybean market reacted strongly this Thursday (30) following the announcement of a trade agreement between the United States and China. During a meeting between Presidents Donald Trump and Xi Jinping in Seoul, Beijing committed to purchasing large volumes of American soybeans, oil, and gas. At the same time, China announced the temporary suspension, for one year, of export controls on rare earths, a strategic resource that had been used as a pressure tool in the trade war. According to U.S. Treasury Secretary Scott Bessent, China will purchase 12 million tons of American soybeans by the end of 2025 and committed to acquiring 25 million tons per year over the next three years as part of a broader agreement. Other Southeast Asian countries also agreed to buy an additional 19 million tons of soybeans from the U.S., although the exact period of these purchases was not detailed. The announcement caused volatility in the Chicago Mercantile Exchange, but optimism prevailed, with the ...