Wheat futures rose nearly 2% toward $7.30 per bushel in mid-September, rebounding from a three-week low reached on September 18, as renewed US-China trade talks lifted sentiment ahead of the Trump–Xi summit. Senior officials from both countries, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, met over the weekend. Bessent characterized the talks as “very successful,” while Lifeng said they took place in a “good atmosphere.”
President Donald Trump and Chinese President Xi Jinping are scheduled to meet in the US on September 24, with investors watching closely for any indication of additional Chinese buying of US agricultural goods. According to the Trump administration, Beijing has pledged to purchase at least $17 billion in US farm exports, in addition to a separate commitment to import 25 million tons of US soybeans annually. Any further purchase commitments could therefore be directed toward other agricultural commodities, including wheat.