Soy Loses Gains as Trump Says Meeting With Xi May Not Happen
While Trump Said Oct. 21 That He Expected Sit-Down to Yield 'Good Deal,' He Also Conceded That Talks May Not Materialize
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Soybean futures erased earlier gains after President Donald Trump said a planned meeting with his Chinese counterpart, Xi Jinping, may not happen.
Contracts for January delivery of the oilseed — used in animal feed and green diesel — closed 0.1% lower on the Chicago Board of Trade, ending a three-day winning streak. The commodity had earlier touched the highest price in almost two months on speculation that a looming deal between Washington and Beijing would bolster export demand for U.S. soybean supplies.
While Trump said Oct. 21 that he expected the sit-down to yield a “good deal,” he also conceded that the talks may not materialize, denting optimism among traders.
China, the world’s largest soybean buyer, is yet to purchase a single cargo of the crop now being harvested in the U.S. as the Asian nation retaliates against U.S. tariffs.
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