Soybeans hit four-month highs on US-China trade deal hopes

Chicago soybeans rose on Monday on hopes the United States could re-start its soybean exports to China after U.S. President Donald Trump said he hoped to reach a trade deal with China during his visit to Asia this week. Chicago Board of Trade’s most active soybeans ZS1! rose 1.9% to $10.61-1/2 per bushel at 1009 GMT, their highest in around four months. Corn and wheat received spillover support from soybeans. Corn ZC1! rose 1.4% to $4.29-1/2 a bushel, wheat ZW1! rose 2.1% to $5.23-1/4 a bushel. Traders hope a possible U.S.-China trade deal could restart the United States’ massive soybean exports to China, which were brought to a virtual stop by the trade war between the two countries. Trump said on Monday the U.S. and China are set to “come away with” a trade deal, and he is expected to meet Chinese President Xi Jinping later this week in South Korea during his Asia tour . “Soybeans are rising because of the optimistic news about the China trade talks, also supporting corn and ...