Soybeans rise on renewed US-China trade optimism

Soybean prices rose on Wednesday on the Chicago Commodity Exchange, on renewed hopes about resolving the US-China trade dispute and approaching trade deal.

Commodity traders are anticipating crops forecasts in South America as their quality may affect China's decision on choosing them instead of the US corps to meet its import needs.

Analysts forecast soybean prices to slightly rise, ahead of estimates on the weather and crops conditions in Brazil.

Multiple news agencies said the US and China are close to signing the phase one of the final trade deal, bearing in mind that the US might impose further tariffs against China before mid-December.

Which comes despite President Donald Trump's remarks yesterday that a trade agreement with China might have until after the presidential election in 2020.

As for trading, soybeans January's futures rose 0.8% to close at $8.78 per bushel, and hit an intraday high of $8.80 and a low of $8.71.