U.S. soybeans close higher over China trade optimism

Chicago Board of Trade (CBOT) soybeans and grains closed higher, mainly boosted by the progress made during the latest round of high-level U.S.-China trade talks in Washington.

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

The optimistic mood among traders once led to sharp rises of soybean futures during the trading, before it settled with moderate gains.

At the end of the session, the most active March soybeans were up 2.5 cents, or 0.27 percent, to close at 9.1775 U.S. dollars per bushel. Corn contract for March delivery was up 1.75 cents, or 0.46 percent to settle at 3.7825 U.S. dollars per bushel. March wheat was up 7.75 cents, or 1.5 percent, to close at 5.2425 U.S. dollars.

CBOT brokers estimated that funds on Friday bought 6,100 contracts of soybeans, 4,400 contracts of corn and 4,000 contracts of wheat.

Wheat futures surged over dry weather conditions in western states of Australia amid the deep freeze in U.S. Midwest this week.

(CGTN)