(Bloomberg) -- Soybean prices fell back below $10 a bushel, as traders saw news of an extended US-China trade truce as likely delaying major grain-purchasing deals between the nations until late this year.

Contracts for a November delivery had dropped about 1% as of 11:45 a.m. Singapore time, a turnaround from Monday’s 2.4% rise that came in response to US President Donald Trump’s call for China to “quadruple” its purchases of the major oilseed.

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The US leader later announced the truce with Beijing would be extended for another 90 days, with trade restrictions now due to come into effect in early November if both governments can’t reach a deal.

Prices had risen in anticipation of potential purchases following Trump’s plea for more Chinese buying, according to Dennis Voznesenski, an agricultural economist at Commonwealth Bank of Australia. They later declined as the truce extension proved “there was no further substance behind the words,” he added.

China had likely held off major purchases of US agricultural produce in anticipation of a trade deal with Trump, Voznesenski said. “They wanted a buffer so that they can negotiate and have a long runway for negotiations,” he said, adding that “maybe now we’re getting toward the end of that runway.”

While all major grains were down across US markets after the truce announcement, with corn falling as much as 0.9%, soybeans were hit the hardest. China is the world’s top buyer of the oilseed and usually ranks as the biggest customer of American soy farmers, a trade valued at more than $12 billion in 2024.

However, as of late July, US government data showed China was yet to book any cargoes for the upcoming season, starting from September.

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