Progress in U.S.-China trade talks boosts CBOT soybeans

Source: Xinhua| 2019-02-02 02:39:48|Editor: yan
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CHICAGO, Feb. 1 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures surged on Friday morning, in response to news about progress made during the latest round of high-level U.S.-China trade talks in Washington.

The latest round of China-U.S. trade talks made important progress for the current stage, and the two sides had candid, specific and constructive discussions, the visiting Chinese delegation said in Washington on Thursday.

Participants in U.S. agricultural markets have followed the trade talks closely, and the positive outcome pushed up CBOT futures, as China has for years been the top buyer of U.S. soybeans.

As of 1648 GMT, soybeans for March delivery were up 8.5 cents to 9.2375 U.S. dollars per bushel. March wheat was up 5.5 cents at 5.22 dollars per bushel. March corn was up 2.75 cents at 3.7925 dollars per bushel.

Meanwhile, the polar vortex has moved out of the upper Midwest region and temperatures are higher. However, another round of snow storm will probably hit the area next Wednesday or Thursday, according to weather forecasters.