Soybeans are collapsing on Monday, with midday losses of 50 to 61 cents in the front months as doubt is growing on additions Chinese purchases. The cmdtyView national average Cash Bean price is down 60 ¾ cents at $1.90 3/4. Soymeal futures are down $8.60 to $9.20 at midday, with Soy Oil futures were down 276 to 296 points. Crude oil is down $3.19 at midday.
US Treasury Secretary Bessent and Chinese counterparts met this weekend in Paris to prep for the meeting between President Trump and President Xi later this month. Following the meeting it was noted that China was open to buying more US ag goods, specifically more non-soybean row crops, putting some doubts on another 8 MMT for the current MY suggested by President Trump last month. Late on Sunday President Trump stated there could be a delay in the meeting with China, while also expecting to see China help unblock the Strait of Hormuz, with some thinking that the two are tied to one another, though Secretary Bessent has stated they are not.
