Soybean futures rose on Thursday, bolstered by renewed hopes about China to increase its purchases of US farm goods according to the phase-one trade deal between the two countries.
Soybean prices were also buoyed by a drop in the US domestic crop production, despite forecasts of a strong harvest season in South America, especially by Brazil and Argentina.
The US investors fear that the strong performance by the dollar will impact demand for US agricultural crops, compared to the weak Brazilian real, and the Argentine peso.
It's worth mentioning that the US has signed with China the phase-one of the trade pact on Jan. 15, which consisted of Beijing purchasing $200 billion worth of US goods and services over two years, including about $40 billion of farm goods.
Soybean March futures rose 0.4% to settle at $8.95 a bushel, after hitting a high of $8.99, and a low of $8.88.
The British pound rose against most major currencies today, after the British PM Boris Johnson conducted a government reshuffle.
The Chancellor of the Exchequer, Sajid Javed, announced his resignation, while the market anticipate cabinet reshuffles.
The BBC quoted informed sources that the former conservative Treasury Secretary, Rishi Sunak, will take over the post.
This came as Johnson wants a cabinet appointed to draft the coming plans for the UK after implementing the Brexit on January 31.
While the markets are anticipating the details around the future relations and Prime Minister Johnson's deal with Brussels.
Otherwise, the UK confirmed recently the first case of coronavirus in the country, and Japan revealed the first death.
As of 20:37 GMT, GBP/USD rose 0.7% to 1.3044, after the pair hit a high of 1.307 and a low of 1.2944.