Chicago Board of Trade soyabean futures rose for the second day in a row on Tuesday on optimism about a trade deal between the United States and China, traders said. Soyameal and soyaoil futures also closed in positive territory for the second straight day. Soyabean futures hit a one-week high.
The benchmark CBOT May soyabean futures contract broke through technical resistance at its 10-day and 20-day moving averages. Chinese Vice Premier Liu He is in Washington just days after wrapping up trade talks last week in Beijing. He will meet with US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.
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