Soybean prices rise for fourth straight session

Soybean prices rose on Tuesday, for the fourth straight session and hit a 1-month high, as optimism continued about the US and China phase-one trade deal.

The deal raised speculations about potential good trade talks between the two countries to reach the phase-two of the final trade deal, which supports the Chinese demand on farm goods.

The chief White House economic advisor, Larry Kudlow, said he expected China to increase its purchases of US farm goods to $40 billion over two years.

While President Donald Trump is trying to accelerate the pace of the trade talks with China in order to enter the next US presidential election race in 2020 with a number of trade deals, especially with China.

Trump had received strong support in the 2016 presidential election from farmers in a number of US states, which is currently pushing him to satisfy those constituents.

As for trading, soy futures (January delivery) rose by 0.7% to close at $9.28 per bushel, and hit an intraday high of $9.31 and a low of $9.20.