Soybeans Jump on Trump-Xi Call, China Signals Increased U.S. Purchases 2/4/26

(Chicago) February 4, 2026. Soybean futures surged as much as 55 cents in ~45 minutes in early trade Tuesday after President Donald Trump said he had completed what he described as a “long and thorough” telephone conversation with Chinese President Xi Jinping, a call that included discussions of trade and expanded Chinese purchases of U.S. agricultural products.

March soybean futures rose more than 50 cents per bushel in less than an hour, climbing from the 1060–1061 area shortly after the open to an intraday high near 1115-1/4 by mid-morning. The move followed Trump’s public statement on the call and reporting by Reuters that increased Chinese soybean buying was discussed.

Trump said China is considering lifting soybean purchases to 20 million metric tons for the current season and committing to 25 million metric tons for next season. No official purchase announcements have been made, but traders interpreted the comments as a positive demand signal from the world’s largest soybean importer.

The call, which also covered a range of broader trade and geopolitical issues, was confirmed by Chinese state media, according to Reuters. Market participants are now watching for follow-up announcements or export sales data to determine whether the rally reflects sustained demand or a reaction to headlines.

https://www.reuters.com/world/asia-pacific/chinas-xi-trump-hold-call-chinese-state-media-reports-2026-02-04

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