Soybeans extend the profits of the signs of the US tariff
Chicago Soybeans rose for the fifth session on Friday, reaching the highest level since early February, as news that China has released several US items from its rates to strengthen the expectations of de-eScalization in trade tension.
Corn and wheat also rose, recovered from the lowest position of two weeks associated with increased weather weather.
The most active soybean contract in the Chicago Trade Council rose 0.4% at $ 10.66 per bushel at 1043 GMT, having previously touched the highest since February 5 at $ 10.67-1/2.
“The potential progress in the US-China trade agreement remains the main focus,” said Navigator CM Donatas Jankauskas analyst.
China, the largest soybean importer in the world, frees several US imports from a 125% tariff and asks companies to identify the critical items they need free of charge, according to the notified business.
US President Donald Trump, meanwhile, said in an interview with Time magazine published on Friday that Chinese colleague Xi Jinping had called him and that their government was in active trade talks.
US soybeans have not been mentioned so far in the exception of China and Chinese tariffs at this time in a period where he mainly bought newly harvested Brazilian soybeans.
However, steps to ease trade tensions are considered positive for US exports outside this season.
Sentiment in the US soybean market has also been driven by rapid demand from Europe and reports that Japan is considering increasing soybean imports from the United States as part of tariff negotiations.
Prices for soybeans are still reduced by dollar recovery and be careful of US-Chinese trade talks, which was rejected by Beijing.
CBOT Wheat ZW1! Added 0.8% to $ 5.48-3/4 per bushel, and CBOT Corn ZC1! up 0.6% to $ 4.87 per bushel.
The price of wheat remains suppressed by warm international demand and rain that has brought assistance to plants in the dry parts of the US, northern Europe and southern Russia.
The European Commission on Thursday cut a little estimated production for the main wheat plant of the European Union in 2025/26, but increased its stock prospects because it saw more supplies left than this season than previously expected.
Source: Reuters
