U.S. soybean futures rose in early trade on Friday, hovering below an 18-month high hit in the previous session, as bullish hopes that China will ramp up soy purchases following a recently struck trade deal supported the market.
China, the world’s largest consumer of soybeans, and the United States struck a "Phase 1" trade deal that includes a commitment by Beijing to increase purchases of U.S. agricultural products. China’s commerce ministry said on Thursday Beijing was in close contact with Washington, adding that both sides were still going through necessary procedures before the signing of the deal.
Source: reuters.com.
