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Chicago soybean futures end higher on U.S.-China trade optimism

2019-01-08 08:58

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Chicago Board of Trade (CBOT) soybean futures closed higher on Monday, posting gains in the fourth consecutive session amid optimism on U.S.-China trade talks.

The most active corn contract for March delivery went down 0.75 cent, or 0.2 percent to close at 3.8225 dollars per bushel. March wheat delivery fell 0.25 cent, or 0.05 percent to close at 5.1675 dollars per bushel. March soybean delivery was up 2.75 cents, or 0.3 percent to close at 9.2425 dollars per bushel.

CBOT soybean futures were already uplifted last week by official confirmation that China and the United States would hold trade consultations.

At the end of 2018, Chinese and U.S. heads of state talked during a telephone conversation about the latest progress in trade talks, voicing the hope for further results which can bring benefits to both sides and the world.

China has been the world's top soybean buyer. Any positive development concerning the trade talks between the two sides will naturally boost U.S. soybean prices.

Adverse crop weather in South America offered further support to soybean prices.

CBOT corn and wheat futures edged slightly lower as traders turned to profit-taking after their prices reached several weeks high in the previous session.

As for weather forecast for agricultural crop, a winter weather advisory is in effect for much of the northern U.S. Midwest, as ice, snow, and strong winds hit parts of the Dakotas, Minnesota, and Wisconsin.

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