Soybean futures rise overnight
The delay in a trade resolution between the U.S. and China had some investors worried for today’s last report of the year. Some were optimistic, but still hesitant on the outcome, hoping China would resume imports from the U.S.
As of last night, soybeans for January rose 4 1/2 cents to $9.14 1/4 a bushel on the Chicago Board of Trade. The U.S. and China have agreed on a cursory deal, where the U.S. has promised not to raise tariff rates on January 1st. Therefore, China has agreed to purchase more farm goods from the U.S. This is according to a statement made by the White House.
There is a deadline of March 1st for negotiators to come up with a more permanent agreement. If this deadline is not met, the tariff rate will jump from the current 10% to 25%.
Aside from soybeans, corn futures for December delivery rose 1/4 cent to $3.84 1/4 a bushel. Wheat for March delivery gained 3/4 cent to $5.26 a bushel.