Trump's Dinner Date With Xi May Give Soybean Market Bullish Jolt

U.S.-China trade truce may spur soy, pork export recovery
Corn, wheat, sugar and cotton rise but pare earlier gains

Iowa Soybean Association President Greiner discusses the significance of the U.S.-China trade truce.(Source: Bloomberg)

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By Shruti Singh

December 2, 2018 at 1:54 AM UTC

Updated on

December 3, 2018 at 9:48 PM UTC

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Soybeans weren’t on the menu, but President Donald Trump’s dinner date in Buenos Aires with his Chinese counterpart Xi Jinping gave the market the jolt it’s been desperately looking for.

The oilseed jumped to the highest since June in Chicago, leading gains in crops from wheat to cotton, while agribusiness shares rallied, after the White House said China agreed to restart U.S. purchases as part of a trade truce. On Twitter, Trump said farmers would be “very BIG and FAST” beneficiaries.