President Trump announced another extension on additional tariffs, giving China another 90 days to figure out a deal.
He signed the executive order last night, noting all other details surrounding China will stay the same. This puts the timeline out to early November. Treasury Secretary Scott Bessent says talks with China have been difficult, and says the country has the most imbalanced economy in the history of the modern world.
The 90-day delay came just hours after President Trump encouraged China to buy more American soybeans, which sent beans to a two-week high.
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Current estimates are already hovering around 80 weeks.
Soybeans accounted for nearly half of the $15 billion in losses on U.S. ag exports to China due to tariffs, according to researchers at North Dakota State University.
USDA says weather damage in key Robusta-growing regions is tightening supplies and lowering export expectations.
Industry leaders say restored access is a major step forward, though exports remain well below previous levels.
Corn inspections remain strong year-to-date, while China’s soybean and sorghum movement remains important to late-season export demand.
USDA says both crops remain ahead of the five-year average as farmers continue monitoring dry Corn Belt conditions.
