Overview

• China has not booked bulk shipments of new-crop U.S. soybeans during the September–November harvest window.
• China’s Ministry of Commerce publicly urged Washington to cancel tariffs to restore normal trade in the crop.
• President Trump recently suggested a trade truce could be extended, but Chinese officials point to the November tariff as the main obstacle.
• U.S. growers report strong yields with USDA estimating a 4.3 billion-bushel crop, heightening concern over where the beans will go.
• Brazil has expanded output to about 6.3 billion bushels and has attracted heavy Chinese buying, further displacing U.S. exports.