Soybean closes higher after news about US-China trade deal

Soybean prices rose on Thursday, after hitting a pause earlier, following news of the US reaching a trade deal "in principle" with China.

Bloomberg, citing sources close to talks, reported that US and China have agreed on the terms of the phase one trade deal in principle, pending the President Donald Trump’s signature.

Which came after President Trump tweeted earlier that the US is getting very close to a big deal with China, and expressed both sides' desire to end the longrunning trade dispute.

Following the news, farm commodities prices turned higher, as the agreement will likely include a Chinese pledge to purchase a certain amount of US farm goods, including soy and corn.

As for trading, soy futures (January delivery) rose by 0.5% to close at $8.97 per bushel, and hit an intraday high of $9.01 and a low of $8.88.