CBOT soy edges up as traders await China trade details
SOYB•CBOT November soybean futures rose 1-1/2 cents to $13.19 per bushel as traders awaited details of potential U.S.-China trade deals, including possible Chinese purchases of more U.S. soybeans and removal of a 10% tariff.
1. Trade details awaited
Soybean futures edged higher Friday after U.S. President Donald Trump and Chinese President Xi Jinping concluded a three-day summit. Trump said, “I think our farmers are going to be happy,” without providing details. U.S. Trade Representative Jamieson Greer said the United States is expected to release details on the negotiations Monday.
2. Harvest delays tighten supply
Persistent rains slowed early harvesting in the western U.S. Midwest, tightening supplies and prompting some soybean plants to scale back production, grain merchandisers said. Processors were offering hefty premiums for immediate deliveries. December soymeal fell $1.40 to $371 per ton, while December soyoil rose 0.29 cent to 67.84 cents per pound.
