Soybean closes higher on hopes of Chinese demand

Soybean prices rose in the first session of 2020, amid the widespread optimism about China's demand for US farm goods, under the phase-one trade deal between the two countries.

President Donald Trump stated on Tuesday, that signing the phase-one trade deal with China will be in January 15 at the White House.

It is noteworthy that China has reduced its imports of US farm goods amid the escalation of trade tensions, which lowered agriculture commodity prices on the Chicago Commodity Exchange.

The US Department of Agriculture will reveal the volume of the US exports of agricultural commodities in its weekly report on Friday, regarding soy and corn, which have a significant impact on prices.

Soybean futures March contracts rose 0.5% to close at $9.56 a bushel, after hitting a high of $9.61 and a low of $9.53.