Soybeans Rise on U.S.-China Trade Hopes
Chicago soybean futures edged up on Monday as investors saw signs of thawing relations between Washington, D.C., and Beijing in the trade dispute that has disrupted flows of the most valuable U.S. agricultural export to China, according to a Reuters report.
Soybeans were poised to end 2018 with an annual decline after the plunge in exports to China coupled with big harvests in the United States and Brazil weighed on prices.
A resumption in Chinese imports of U.S. soybeans in December as part of a negotiated truce between the world’s two largest economies has helped Chicago prices rebound from a decade low in September.
Wheat, in contrast, was set to notch up its biggest annual rise since 2012 after a sharp fall in production in major exporters Russia, the European Union and Australia, making it one of the biggest gainers in commodity markets this year.