Chicago soybeans recover on trade talk optimism

Chicago soybean futures bounced back on Wednesday, as markets remained hopeful for progress in trade talks with top soy buyer China and a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses. As of 1048 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.22% at $10.33 per bushel. Markets are focused on a key meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea next week. Trump has said he wants a “fair deal” and has repeatedly called for China to resume purchases of U.S. soybeans. “The bottom line is that a trade deal that is worth 10 million metric tons of soybeans helps complete China’s needs, while helping to meet USDA’s (U.S. Department of Agriculture)current balance sheet projections,” StoneX Chief Commodities Economist Arlan Suderman said in a client note yesterday. “On the other hand, failure to get any deal on soybeans from China next week could pull ...