SYDNEY- US soybean futures edged higher, rebounding from a two-week low touched in the previous session, as market sentiment was buoyed by signs of a thawing in the trade war between Washington and Beijing.
Corn edged lower, while wheat fell more than 0.5 percent.
The most active soybean futures on the Chicago Board Of Trade were up 0.1 percent at $9.21-1/2 a bushel, having closed down 1.4 percent on Friday when prices hit an Oct. 10 low of $9.19-1/2 a bushel.
“The market has been buoyed by the prospects of a first stage US-China trade deal,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
“The first-stage deal will be to the benefit of US beans.”
US and Chinese officials are “close to finalizing” some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative’s office and China’s Commerce Ministry said, with talks to continue. – Reuters