Soybean closes higher on renewed trade hopes

Soybean prices rose Monday, as market's hopes about the US-China trade pact were renewed, which spurred some buying on the Chicago Mercantile Exchange.

Several news agencies reported that the Chinese vice premier, Liu He, will visit the US later this week to sign the phase-one trade deal next Saturday.

Which contradicts with President Trump's remarks last week, that he and his Chinese counterpart Xi Jinping will attend the signing of the initial trade pact.

The markets are relying on the trade deal, which will lead to China increasing its purchases of US farm goods, especially soybeans and corn.

Soybean futures (January delivery) rose by 1% to close at $9.39 a bushel, with a day high of $9.41 and a low of $9.27.