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Soybean Futures Rise to $13 a Bushel on China Tariff Cuts
Why are soybean prices up today?
Soybean futures (CBOT: ZS) held near $13 a bushel on Thursday, close to their highest level since 2023, after China said it hopes to cut tariffs on $30 billion of goods "at an early date".
Key numbers
| Tariff-cut basket | $30Bper side |
|---|---|
| Share of trade covered | 28% of US exports to Chinavs 10% of China's exports to US |
| Truce deadline | Nov 10, 2026unchanged |
| Soybean futures | ~$13/bunear highest since Dec 2023 |
| China soybean pledge | 25M tonnes/yrthrough 2028 |
| Trump-Xi meeting | Sept 24, 20263rd meeting in a year |
What happened
Soybean futures (CBOT: ZS) held near $13 a bushel on Thursday, close to their highest level since 2023, after China said it hopes to cut tariffs on $30 billion of goods "at an early date". China's commerce ministry said negotiators are working to cut tariffs on that amount from each side under a trade deal from May, before Trump and Xi meet in Washington on September 24. That $30 billion covers roughly 28% of U.S. exports to China but only 10% of China's exports to the U.S.. China has kept buying U.S. soybeans, pledging 25 million tonnes a year through 2028, which has helped lift prices.
Why it matters
Soybean futures matter to everyday grocery and farm budgets because they show how much Chinese demand is returning after two years of a trade war that hurt American farmers. If Washington and Beijing lock in tariff cuts on $30 billion of goods before the September 24 summit, it would be the clearest sign yet that the broader trade fight is easing, which could lower costs for exporters and importers on both sides. It would also test whether the truce holds past its November 10 deadline.
Who this affects
- MarketbullishMedium impact
- Grain markets and China-exposed exporters stand to gain.
- CompanybullishMedium impact
- U.S. soybean farmers may see steadier Chinese demand.
- CompetitorsbearishLow impact
- Brazil, China's top supplier, risks losing market share.
- IndustrybullishMedium impact
- Wider tariff thaw could ease costs across import-reliant sectors.
Soybeans vs Corn, Wheat
| SoybeansZS | $13.15 | +2.12% |
|---|---|---|
| CornZC | $5.40 | +0.7% |
| WheatZW | $7.54 | -3.8% |
As of 2026-09-04
How we got here
Trump and Xi meet in Beijing, launch US-China Board of Trade
China books first of several September soybean purchases
Commerce Ministry seeks tariff cuts on $30B goods 'at an early date'
Trump and Xi scheduled to meet in Washington
Current US-China tariff truce is due to expire
What to watch
- Whether the Trump-Xi summit yields a formal tariff-cut announcement2026-09-24
- Further Chinese soybean and farm-goods purchases ahead of summitongoing
- Whether the tariff truce is extended before it lapses2026-11-10
Educational content only. Not investment advice.
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