Soybeans rise in Chicago with oil prices up

The November soybean contract rose 0.97%, or 10.00 cents per bushel, closing at US$ 1,044.75. The January expiration advanced 1.14%, to US$ 1,062.00 per bushel. Among the by-products, soybean meal for December increased by 0.79%, quoted at US$ 292.3 per short ton, while soybean oil for the same month rose 1.60%, to US$ 50.87 per pound. According to TF Agroeconômica, prices were supported by the expectation of good negotiations between the U.S. Treasury Secretary, Scott Bessent, and Chinese Deputy Prime Minister, He Lifeng. In addition, the significant appreciation of oil, by 5.5% on the day, favored the rise in by-products and, consequently, the grain. The new IGC projection also supported the market by pointing to final stocks 4 million tons lower, despite a slight reduction in global production. Another factor of optimism was the resumption of services by the U.S. Agricultural Services Agency, after three weeks of shutdown during the ...