CBOT soybeans rise on hopes for US-China trade talks

26 Aug, 2019

* CBOT November soybeans settled up 10-3/4 cents at $8.67-1/4 per bushel after dipping to $8.55, which matched a nearly three-week low set on Friday.

* CBOT December soymeal ended up $3.20 at $298.60 per short ton and December soyoil slipped 1 cent to 28.69 cents per pound.

* US President Donald Trump predicted a trade deal with China after positive gestures by Beijing, calming markets that have been roiled by new tariffs from the world's two largest economies.

* China is the world's biggest soybean importer and bought $12 billion worth of the crop from the United States the year before the trade war.

* Uncertainty about the size of the upcoming US soybean harvest helped underpin futures prices, traders said.

* After Friday's CBOT close, advisory service Pro Farmer projected the US 2019 soybean yield at 46.1 bushels per acre, below the US Department of Agriculture's last forecast of 48.5.

* Analysts expect the USDA will rate 54% of the US crop as good to excellent in a weekly report later on Monday, up from 53% week earlier, according to a Reuters poll. Estimates on soybean ratings ranged from 52% to 55%.

Copyright Reuters, 2019

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