Soybeans exploded nearly 5% on Thursday on the heels of a tweet by President Donald Trump: “Just had a long and very good conversation with President Xi Jinping of China … with a heavy emphasis on Trade.”
According to the Traverse City Record Eagle, while light on details, the President’s optimism spilled over into the soybean market that has been desperate for a resolution to the trade war with China.
Prices rallied from a one-month low near $8.31 per bushel to over $8.88 on Friday morning, when rumors of a pending trade deal excited markets further.
