Soybeans Fall as Harvest Prospects Offset Trump’s China Comments

Soybean futures dropped about 1% to roughly $9.78 per bushel on Tuesday, giving back part of Monday’s gains as expectations of a bumper U.S. harvest weighed on prices. Monday’s rally had been driven by U.S. President Donald Trump’s remarks expressing hope that China would quadruple its soybean purchases. Traders noted the comment briefly lifted sentiment, but the reality is that U.S. market share in China continues to shrink. Amid ongoing trade tensions, China has yet to secure soybeans from the upcoming U.S. harvest—an unusual delay that is raising concerns among American farmers and exporters ahead of the peak shipping season. Meanwhile, the USDA’s weekly report showed slight declines in crop condition ratings. As of Sunday, 72% of U.S. corn and 68% of soybeans were rated good to excellent, down 1 percentage point from last week. Despite the dip, both crops remain on track for large harvests, with corn seeing its best late-season rating since 2016.