Chicago soybeans react to statements regarding Chinese purchases

Soybean prices on the Chicago Board of Trade (CBOT) closed higher on Thursday (30), driven by expectations of new purchases from China. According to information from TF Agroeconômica, the move reflected a technical reaction following optimistic statements from U.S. officials, although analysts caution that caution is warranted given the lack of concrete details regarding the volumes and timing of the deals.

The November soybean contract rose 1.04%, closing at $1,091.50 per bushel, while the January contract gained 1.21%, to $1,107.75. December soybean meal rose 2.24% to $315.60 per short ton, and soybean oil for the same month fell 1.02% to $49.65 per pound. The market reacted particularly strongly after U.S. Treasury Secretary Scott Bessent stated that China would purchase 12 million tons of soybeans by January and 25 million over the next three years.
Despite initial optimism, analysts such as Ben Potter (Farm Progress) and Tommy Grisafi (Ag Bull Marketing) emphasized that the market should remain cautious until the purchases are physically completed. The main concern revolves around the United States’ logistical capacity to move such large volumes in the short term and the possibility that China will repeat the pattern of gradual purchases observed between 2018 and 2019.

Thus, although political commentary has given prices a boost, the general sentiment among traders remains one of wait-and-see. The balance between diplomatic rhetoric and actual trade implementation is likely to determine the direction of the coming sessions in Chicago.

Source: Agrolink – Leonardo Gottems Published on October 31, 2025, at 6:34 a.m.