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CBOT soybeans rally as trade tensions ease

2018-12-04 08:49

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Chicago Board of Trade (CBOT) soybean futures posted double-digit gains on Monday amid the easing of the U.S.-China trade tensions.

The most active January 2019 soybeans were up 11.00 cents, or 1.23 percent to settle at 9.0575 dollars per bushel. March corn was up 4.25 cents, or 1.13 percent to close at 3.82 dollars per bushel. March wheat was up 5.5 cents, or 1.07 percent to settle at 5.2125 dollars.

China and the United States have agreed to take measures to ease bilateral trade tensions and keep up close contacts. The positive development boosted CBOT soybean prices remarkably, following months of downward pressure on prices and halted shipments bound for China, the top soybean buyer in the world.

However, the strong rally in soybeans during morning trade led to profit-taking, which pared some of the early gains.

Still, it's the first time since August that CBOT soybean prices bounced back above the nine-dollar-per-bushel level.

CBOT corn and wheat followed soybeans' rally.
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