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.

US stocks advanced on Wednesday, lifted by renewed optimism about the US-China trade file, after steep 3-day losing streak.

Multiple news agencies quoting sources familiar with the matter, said the US and China were moving closer to agreeing on the phase one of the final trade deal 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.

ADP data showed today that the US private sector added 67K new jobs last month, lower than forecasts of 150K new jobs.

To the oil market, West Texas Intermediate (WTI) rose 4.2% to close at $58.43 a barrel, with an intraday high of $58.6 and a low of $56.2.

Brent rose 3.6% to $63 a barrel, and hit a high of $63.5 and a low of $61.

As for stocks, Dow Jones rose 0.5% or 147 points and settled at 27,649, with a high of 27,727 and a low of 27,612.

Nasdaq added 0.5% or 46 points to 8,566, a high of 8,584 and a low of 8,552.

S&P 500 rose 0.6% or 19 points to close at 3,112, and hit a high of 3,119 and a low of 3,102.

Euro tilted lower against the US dollar today, despite renewed optimism about the US-China trade talks and the release of positive data about the Eurozone.

Eurozone service PMI reading showed growth to 51.9 points last month, higher than forecasts of 51.5 points.

Service activity in Germany, the largest European economy, also grew to 51.7, more than forecasts of 51.3.

News agencies reported on Tuesday that the first phase of the final trade agreement between the United States and China is close to being signed.

Multiple news agencies said the US and China are close to signing the phase one of the final trade deal.

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, EUR/USD held at 1.1077 as of 18:33 GMT, and hit a high of 1.115 and a low of 1.1067.

The British pound rose against a basket of currencies today, and jumped to a 2-year high against Euro.

This came after latest opinion polls showed that the ruling Conservatives by are enjoying a strong lead by 10 points over Labour Party.

Which increased odds for the Prime Minister Boris Johnson's Conservative Party of winning the parliament majority in the British snap election on Dec.12.

Amid growing optimism that the Conservatives will win a majority of parliamentary seats to secure a Brexit deal before the end of January.

Johnson and Conservative Party want to bag the majority of parliamentary seats to secure a deal with the EU and prevent a no-deal Brexit secinaro, which is rejected by the Labour Party that sees the need to negotiate a better deal with Brussels before the exit.

As for trading, GBP/USD rose by 0.8% to 1.1825 (the highest since May 2017) as of 20:36 GMT, the pair hit an intraday high of 1.183 and a low of 1.72.