Soybean futures slid more than 2% to around $12 per bushel, retreating from a nearly two-year high, amid concerns over possible delays in US trade negotiations with China, the world’s largest buyer of the oilseed. The drop followed comments from US President Donald Trump, who said he could postpone a planned summit with China’s Xi Jinping if Beijing does not help unblock the Strait of Hormuz. Traders worry that any delay in negotiations could stall a recovery in sales, after a summit between the two leaders late last year had previously triggered a surge in Chinese purchases of US soybeans following months of weak demand. Buying, however, slowed again after reaching an initial 12-million-ton target. Meanwhile, uncertainty surrounding the Strait of Hormuz, a key global trade route disrupted since the start of the Iran conflict, has continued to support oilseeds through elevated energy prices and geopolitical risks.
