Overnight, China suspended some retaliatory tariffs on U.S. goods but maintained the 10% tariff from the Liberation Day response, keeping total tariffs on U.S. soybeans at 13%. State-owned enterprises are expected to be exempt from the tariffs. With the government shutdown and export sales data unavailable, the market is trying to gauge how much business China has done with the U.S. in the past week. Basis movement in the North and PNW suggests buyers have been somewhat active.

The export sales report will not be released on Thursday, though analysts estimate that between 0.4 and 2 million metric tons of soybeans were sold in the week ending October 30. Meal sales are expected between 50,000 and 450,000 tons, while soyoil sales are seen between 5,000 and 25,000 tons.