Soybeans Slumps More Than 3% on Possible US-China Talks Delay

Chicago soybean futures slumped as much as 3.5% on Monday — dropping below $12 a bushel — amid a potential delay in US trade talks with China, the world’s top buyer of the oilseed.

US President Donald Trump said he could postpone a highly-anticipated summit with counterpart Xi Jinping if Beijing doesn’t help unblock the Strait of Hormuz, according to an interview with the Financial Times. Soybean prices are particularly vulnerable to tensions between the two sides as China is a major buyer of American produce.