Soybean rises on Chinese tariff waivers

Soybean prices rose on Friday, lifted by Chinese Ministry of Finance decision on US farm imports and renewed hopes about the US-China trade talks after positive statements.

The Chinese Ministry of Finance is preparing tariff waivers on multiple US goods including soybean imports.

White House economic advisor Larry Kudlow said that the US and China trade deal is close, but the Trump administration is ready to end these talks if the deal is no good for Washington.

Otherwise, data showed that China has increased its domestic soy production by 13% during 2019 to 19.1 million tons, due to its trade war with the US and the Chinese government providing stimulus to farmers for growing this type of crop.

Soy futures for January delivery gained 0.5% to close at $8.89 a bushel, and hit an intraday high of $8.94 and a low of $8.84.