Soybean closes lower as US production rises

Soybean prices fell on Monday, despite widespread optimism about the US-China trade deal, as the US production increased and heavy rain in Latin America (Brazil and Argentina), which weighed down on prices.

The USDA unveiled on Friday that soybean production reached 3.56 billion bushels in the past year, rising by 8 million bushels above average, while inventories remained unchanged at 475 million bushels.

The Chinese Vice Premier, Liu He, will visit the US this week to sign the phase-one trade between the two countries, and talks for the phase-two will start immediately.

Soybean futures fell 0.4% to close at $9.42 a bushel, after hitting a day high of $9.49 and a low of $9.38.