09/28/26 Devilish Details; Soybeans Excluded from China Tariff Exemptions

09/28/2026 Devilish Details; Soybeans Excluded from China Tariff Exemptions On the Grains Grain and soy complex futures traded lower overnight, led by sharp losses in the soybean market as details emerged from last week’s trade meeting between President Trump and China’s Xi Jinping. Soybeans fell to the bottom of the month-long sideways trading range. Corn and wheat followed soybeans lower, though both remained well above last Friday’s intra-day lows. As is always the case in these trade meetings, the devil is in the details. China’s newly released list of U.S. products eligible for consideration for lower tariffs includes corn, sorghum, wheat, rice, cotton, beef, pork, poultry, dairy products, ethanol and vegetable oils and meal, including soyoil and soymeal. Soybeans for planting are also included, but non-seed soybeans — the category covering bulk shipments for crushing and food use — are absent. This doesn’t mean China won’t buy U.S. soybeans, but the extra 10% tariff on U.S. cargoes will remain, keeping a hurdle in place for purchases by Chinese commercial firms. There was no explanation for why soybeans were omitted, though it gives Beijing leverage in ongoing negotiations. Another key omission: distillers dried grains with solubles (DDGS) are not listed under…