Chicago Board of Trade soyabean futures ended firm on Monday on hopes for a U.S.-China trade deal and after Beijing vowed to increase purchases of U.S. soya. CBOT May soyabeans ended up 1-1/4 cents at $9.25 per bushel after peaking at $9.34-1/2, the highest for the contract since February 7.
CBOT May soyameal was unchanged at $309.40 per short ton, while May soyaoil ended down 0.17 cent at 30.68 cents per pound. U.S. President Donald Trump said on Monday he was optimistic that a final trade deal could be reached with China and that he would hold a summit to sign any pact, but cautioned an agreement may still not happen.
Trump delayed a March 1 deadline over the weekend to allow for negotiations to continue. Tariffs on Chinese goods had been scheduled to jump on March 1. China committed to buy an additional 10 million metric tons of U.S. soyabeans in a meeting in the Oval Office on Friday. Soyabean gains were largely offset by spillover pressure from lower wheat futures and by concerns about large soya supplies, with South America's harvest accelerating over the next several weeks.
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