Soybean futures fell below $12 per bushel, dropping as much as 3.5 percent, on Monday morning following a potential delay in trade discussions between the U.S. and China. The drop comes after President Trump stated he could postpone a summit with Chinese President Xi Jinping if Beijing does not help unblock the Strait of Hormuz.

White House Press Secretary Karoline Leavitt said the meeting was not in jeopardy, but acknowledged the possibility of it being rescheduled.

China’s purchases of U.S. soybeans have slowed after reaching their initial target of 12 million metric tons (MMT) of the commodity earlier this year.

Soybean meal and soybean oil prices also declined Monday morning, as much as 2.5 percent and 2.7 percent, respectively.

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