China’s Soybean Pivot Limits Payoff From Any New US Trade Deal

When the US and China settled their earlier trade war in 2020, American soybean producers saw their exports surge to near record levels. This time around, any deal is likely to yield far smaller rewards.

President Donald Trump and his counterpart Xi Jinping are expected to sign off on terms of a framework struck by trade negotiators when they meet in person later this week in South Korea. The agreement will include “substantial” purchases of US soybeans, Treasury Secretary Scott Bessent said Sunday.

Soybean prices have pushed higher on optimism ahead of the meeting. Futures for January delivery ...