Chicago soybeans set for best weekly gain in 10 on trade optimism

Chicago soybean futures retreated on Friday from a one-month high as crude oil prices dropped, but remained on track for their biggest weekly gain in 10 weeks on hopes of renewed trade talks with top buyer China. As of 1010 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! edged 0.14% lower to $10.43-1/4 per bushel, but held near its recent peak. Soybean and corn futures had climbed in the previous session, tracking stronger crude oil prices after fresh U.S. sanctions on Russia’s top two oil producers heightened supply concerns. The rally cooled on Friday as U.S. crude futures eased. Soybeans and corn often move in tandem with crude due to their use in biodiesel production. Markets are focused on an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea, with Trump reiterating that soybean purchases will be a major point of discussion. “The possibility of a trade deal with China has kept the market ...