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.
The major US stocks indices rose on Friday, after the release of a strong monthly jobs report, showing positive signs on the US job market.
The Chinese Ministry of Commerce is preparing tariff waivers on multiple US goods -including soybean imports- in attempts to ease tensions between the two countries to pave the way for signing the phase one of the trade deal.
The US jobs report revealed today that the economy has added 266K new jobs in November, higher than forecasts of 181K jobs, and the unemployment rate fell to 3.5% (50-year low) from 3.6%.
President Donald Trump praised the report via his official account on Twitter, saying "Great jobs report."
As for trading, Dow Jones surged 1% or 275 points to 27,935, Nasdaq added 0.9% or 80 points to 8,650, and S&P 500 rose 0.8% or 26 points to 3,144.
At 13:30 GMT, the Canadian economy revealed the unemployment rate for November at 5.9%, the largest reading since September 2018, worse than forecasts and the previous reading of 5.5%. This data is Negative for the Canadian dollar.