China Buys American Soybeans Before Trump-Xi Meeting

Leading up to a crucial meeting, President Trump prepares to meet with Chinese President Xi Jinping. China has purchased at least two shipments of U.S. soybeans as a goodwill gesture before the meeting. This purchase, totaling around 180,000 metric tons, is a significant shift given China's past preferences for soybeans from other countries. Soybean futures prices on the Chicago exchange experienced gains, reflecting positive market sentiment. A successful framework for a deal had reportedly been prepared after negotiations. Secretary Scott Bessent hinted at a deal addressing farmers' concerns and anticipating significant soybean purchases. Additional signs of easing tensions include the potential lowering of tariffs in exchange for restrictions on fentanyl precursors. Trump expressed optimism about China's cooperation on the fentanyl issue. Prediction markets indicate a high probability of a trade deal being struck. Overall, the expectation is high for a positive outcome in the upcoming meeting between the two leaders.