US soyabean futures rose on 0.8% on Wednesday, posting their biggest percentage gain since Nov. 7, on hopes that the United States and China will come to a trade agreement in the coming weeks.
US President Donald Trump said on Wednesday that trade talks with China were going "very well," sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 US presidential election.
Soyameal and soyaoil future also were higher, with soyaoil posting the biggest gains on bullish export news. Strength in the crude oil market lent further support to the soya complex. The US Agriculture Department said that private exporters reported the sale of 20,000 tonnes of soyabean oil for delivery to Morocco during the 2019/20 marketing year.
Analysts were expecting a USDA report on Thursday morning to show weekly export sales of soyabeans between 700,000 tonnes and 1.3 million tonnes. A week ago, soyabean export sales were 1.664 million tonnes.
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