Soybeans Lead Agriculture Gains on Trade Truce
Oilseed jumped as much as 3.2%
Soybeans led advances among U.S. crop futures after the White House said China agreed to immediately restart buying American farm products as part of a trade truce between the two countries.
Bloomberg reports the oilseed jumped as much as 3.2% to the highest since June in Chicago, as corn and wheat also climbed, while Chinese soybeans fell on expectations of more supply.
Sustained price gains will depend on how quickly shipments of soybeans and other products resume given the higher prices they’ll command in China due to the tariffs.