Chicago soybean quotes rose by 2.5% in a day amid reports of an agreement for China to resume soybean purchases from the U.S.

US Treasury Secretary Scott Bessent, after two days of meetings in Malaysia with State Council Vice Premier of the PRC He Lifeng and other Chinese officials, stated that Beijing intends to make "significant purchases" of American soybeans, reported Bloomberg. During the trade dispute with the US, China used soybean imports as a pressure factor, which strengthened its position in the latest round of negotiations. On this news, November soybean quotes on the Chicago exchange yesterday rose by 2.5% to $392/t (+3.6% for the week, +6.2% for the month). The US and China negotiations have been going on for quite a while, so it is unlikely to expect the signing of a trade agreement at the short meeting of US President Trump and Chinese President Xi Jinping on October 30, as many issues remain unresolved. Recall that even after signing an agreement with the US during the first term of Trump, China did not buy the declared volumes of American soybeans, but waited for the change of ...