Soybean futures on the CBOT hit a two-month high amid expectations of improved US-China relations

Soybean futures on the Chicago Mercantile Exchange reached a two-month high on Thursday, according to analysts, amid hopes that a potential thaw in U.S. trade relations with the world’s largest soybean buyer, China, could spur new purchases of the oilseed. March soybean futures on the Chicago Board of Trade closed up 13.5 cents, or 1.2%, at $11.37 per bushel after reaching $11.41 per bushel, the contract’s highest price since December 2. On the CBOT, March soybean meal futures rose $4.90, or 1.6%, to $307.90 per short ton, while March soybean oil futures rose 0.49 cents, or 0.9%, to 57.54 cents per pound. Most CBOT soybean oil futures are setting lifetime highs. A report in the South China Morning Post claimed that US President Donald Trump and Chinese President Xi Jinping could extend the trade truce between their countries for up to a year at their meeting in early April. This report comes after Trump announced last week that China had increased its soybean purchase target from ...