U.S. soybean futures reached a 15-month high on Thursday after President Donald Trump’s administration said top-importer China agreed to buy tens of millions of tons of American crops in the next few years as part of a trade truce.
Chicago Board of Trade soybean futures hovered near a 15-month high on Wednesday after trade sources said China made its first purchases from the autumn U.S. harvest ahead of a summit between leaders Donald Trump and Xi Jinping.
Chicago soybean futures reached their highest in 15 months on Tuesday, briefly topping $11 a bushel on optimism that the U.S. could reach a trade deal with China as leaders from both countries are expected to meet in South Korea on Thursday.
U.S. soybean futures jumped to their highest level in more than four months on Monday on hopes that China will resume buying American supplies after President Donald Trump said the countries were set to reach a trade deal during his trip to Asia this week.
U.S. soybean futures retreated on Friday from a one-month high, pressured by a dip in crude oil prices and a round of farmer selling while market players awaited upcoming U.S. trade talks with China, the world’s top soybean buyer.
U.S. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.
Chicago Board of Trade soybean futures turned lower on Tuesday on profit-taking after the benchmark contract touched a one-month high in early moves, while market players continued to monitor U.S.-China trade relations, analysts said.
Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.
U.S. corn futures extended gains into a fourth session on Friday and posted the first weekly rise in a month as slow farmer sales of newly harvested grain and reports of lower-than-expected harvest yields supported the market.
U.S. corn futures rose for a third straight day on Thursday and hit a 1-1/2 week high on reports of lower-than-expected harvest yields in some areas of the Midwest and forecasts for rain that could delay further field work.