Market reaction
Chicago Board of Trade soybean futures declined on Thursday following a summit between U.S. President Donald Trump and Chinese leader Xi Jinping in Beijing that failed to produce commitments for additional agricultural purchases from China. The shortfall in new buying pledges undercut optimism in the oilseed complex.
U.S. Treasury Secretary Scott Bessent said that China’s existing purchase commitment means "soybeans are all taken care of," a comment that further reduced market hopes for a higher buying target from China.
Analysts had previously indicated they did not expect China to increase purchases beyond commitments made last October, pointing to weak demand in China and competitively priced Brazilian supplies as limiting factors for extra buying.
Price moves
CBOT July soybeans closed down 36-1/2 cents at $11.92-1/2 per bushel. CBOT July soyoil fell 0.66 cent to 73.66 cents per pound. CBOT July soymeal dropped $6 to $332.50 per short ton after reaching its highest price since November on Wednesday.
Export and processing signals
The U.S. Department of Agriculture reported weekly U.S. soybean export sales of 102,100 metric tons for 2025/26, a marketing-year low. Analysts had been expecting sales in a range of 100,000 to 500,000 metric tons, leaving the reported figure toward the low end of that forecast band.
Separately, analysts surveyed ahead of a National Oilseed Processors Association report scheduled for release on Friday said the U.S. soybean crush likely slowed in April. Several processors reportedly idled facilities for seasonal maintenance and repairs, which would be consistent with a temporary dip in processing activity.
Takeaway
The combination of an absence of new Chinese purchase commitments from the summit, a comment from the U.S. Treasury that existing commitments suffice, muted weekly export sales, and signs of seasonal processor downtime contributed to the downward pressure on soybean futures during the session.