President Donald Trump on Monday extended a tariff truce with China for another 90 days, setting the stage for broader negotiations between the world’s two biggest economies.

The US and China have extended their trade truce for another 90 days, just hours before the world's two biggest economies were set to raise tariffs on imports of each other's goods. On Monday, US President Donald Trump signed an executive order to keep the pause in place until 10 November, while Beijing also announced an extension.

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.