Soybeans Lead Gains in Agriculture on U.S.-China Trade Truce
- U.S. says China to ‘immediately’ buy American farm products
- Chinese statement vaguer, no mention of immediate purchases
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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.
The oilseed jumped as much as 3.2 percent to the highest since June in Chicago, as corn and wheat also climbed, while Chinese soybeans fell on expectations of more supply. President Donald Trump and his Chinese counterpart agreed to pause the introduction of new tariffs and intensify trade talks, a significant turnaround in relations between the U.S. and one of its top customers for farm products.