Chicago soybean futures rise on US-China trade hopes

CHICAGO (Xinhua) – Chicago Board of Trade (CBOT) soybean futures closed higher last Friday, as traders hoped that planned United States (US)-China trade talks next week would bring good outcome.

The most active corn contract for March delivery went up 3.25 cents, or 0.86 per cent to close at USD3.8025 per bushel.

March wheat delivery fell 1.50 cents, or 0.29 per cent to close at USD5.20 per bushel. March soybean delivery was up 9.25 cents, or 1.01 per cent to close at USD9.25 per bushel.

The Chinese Commerce Ministry said earlier this month that Chinese Vice Premier Liu He would visit the US on January 30-31 for trade negotiations. China has been the world’s top soybean buyer. Any positive development concerning the trade talks between the two sides will boost US soybean prices.

CBOT corn futures firmed, following strength in soybeans, while wheat futures drifted lower, pressured by news that a private forecaster had raised its estimate of Russian wheat exports.

As for weather forecast for agricultural crop, wind chill warnings and watches are in effect for parts of the US Midwest last Friday stretching from central North Dakota south into northern Missouri and east into Ohio.