U.S. grains: Soy futures rise as China offers tariff waivers

The statement supported futures prices because China, the world’s biggest soybean importer, has slashed purchases from the United States since the start of the countries’ trade war last year. Beijing imposed retaliatory tariffs on U.S. soybeans, and China has been buying from South America instead. U.S. traders and farmers hope negotiations will ease the trade war and increase Chinese purchases of American agricultural products. The tariff waivers are “good mood music,” White House economic adviser Larry Kudlow said. The most-active soybean contract on the Chicago Board of Trade rose 5-1/4 cents to $8.89-1/2 a bushel (all figures US$). It reached its highest since Nov. 26 after rebounding from a near-three-month low of $8.67-1/2 on Monday. Short-covering helped underpin gains, said Matt Wiegand, commodity broker for FuturesOne. Recent declines had left the market in an “oversold” condition, he added. But traders remained cautious about protracted U.S.-Chinese trade negotiations. ...