Soybeans rise in Chicago on optimism

According to information from TF Agroeconômica, soybean futures contracts on the Chicago Board of Trade (CBOT) closed Monday's session higher, driven by expectations regarding progress in trade negotiations between the United States and China, held over the weekend in Switzerland. The July contract, the benchmark for the Brazilian harvest, rose 0.65%, or 6.75 cents/bushel, closing at US$1,051.75. The August contract rose 0.70%, or 7.25 cents/bushel, to US$1,047.25. Despite the recent optimism, the accumulated balance for the week was negative. Soybeans fell 0.59% in the period, equivalent to -6.25 cents/bushel. July soybean meal closed the day with a slight drop of 0.20%, at US$294.1 per short ton, accumulating a weekly drop of 0.94% (-US$2.8). Soybean oil, in turn, rose 0.25% on the day, quoted at US$48.57 per pound, but closed the week with a drop of 1.74% (-US$0.86). The recovery in the last two sessions of soybeans occurred mainly after the announcement of a trade agreement ...