Soybean futures tick up as Trump anticipates China trade agreement

[Young green pods of varietal soybeans on a plant stem in a soybean field at noon during the active growth of crops against the background of the sky with clouds. Selective focus.]
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U.S. soybean futures (S_1:COM [https://seekingalpha.com/symbol/S_1:COM]) ticked up on Thursday after President Donald Trump expressed confidence in reaching a trade deal with China’s leader in South Korea next week, potentially covering agricultural purchases.

Trump told reporters in the Oval Office on Wednesday that he would speak with Chinese President Xi Jinping on Russian oil, resuming soybean purchases, and rare earth exports. “We’ll make a deal on, I think, everything,” Trump said.

Jan Soybean futures finished the session at a one-month high of 1050'0 on Wednesday, higher by 1'4, CME Group data showed. Total volume came in at a one-month high of 477,346, with January seeing a heavy 167,046 traded.

The commodity hit its highest level in nearly two months earlier this week on speculation that a potential U.S.-China deal would boost export demand for American soybeans.

Elsewhere, a Japanese proposal to increase U.S. soy purchases lent support. Japan's new government is finalizing a purchase package, including U.S. pickups, soybeans, and gas, to present to Trump in trade and security talks next week, two sources told _Reuters._

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