Soybean prices jumped Tuesday as the prospect of easing trade tensions between the U.S. and China set the legume up for its longest streak of gains in nearly a year, reports Business Insider.
In a sixth straight session of gains and at the highest level in more than a month, soybean futures for November delivery rose by as much as 3% to $9.16 a bushel in midday trading. The legume has climbed more than 11% while gaining ground in 11 of the last 12 sessions. The rally follows a months-long decline that in July had dragged prices to near-decade lows.
Soybean prices had shed nearly 20% since April when the Trump administration announced plans to penalize China for alleged intellectual-property theft and what the president sees as unfair trade practices.
