U.S. soybean futures fell to their lowest level in more than two weeks on Friday after a U.S.-China summit in Beijing failed to produce specific deals for American farm goods.

Corn futures reached a three-week low and wheat futures also weakened following the summit between U.S. President Donald Trump and Chinese President Xi Jinping.

Most-active Chicago Board of Trade soybean futures dropped 13-3/4 cents to $11.78-3/4 a bushel by 10 a.m. CDT. CBOT corn fell 9-3/4 cents to $4.57-3/4 a bushel, while wheat tumbled 21-3/4 cents to $6.36-1/4 a bushel.

Before the summit, many traders had not expected China, the world’s largest soybean importer, to go beyond a previous commitment to buy 25 million metric tons of U.S. soy annually from next season. Some traders had hoped for new purchase deals and factored their expectations into the markets.

U.S. Trade Representative Jamieson Greer said Washington expected “double-digit billions” in Chinese purchases of U.S. agricultural products over the next three years. He referenced the deal the countries made last October for China to buy 25 million metric tons of U.S. soy per year for each of the next three years.
Source: Investing.com