CBOT soy edges up as traders keep waiting for China trade details

By Reuters News

CHICAGO, Sept 25 (Reuters) - Chicago Board of Trade soybean futures edged higher on Friday as traders continued to wait for details about potential US trade deals stemming from this week's highly anticipated summit with top importer China.

  • President Donald Trump and Chinese President Xi Jinping wrapped up a three-day summit that showcased personal diplomacy rather than big breakthroughs in economic relations.

  • Trump said: "I think our farmers are going to be happy" but did not provide details.

  • The United States is expected to release details on the outcome of trade negotiations with China on Monday, US Trade Representative Jamieson Greer said.

  • Grain traders were waiting to see whether China would agree to buy more US soybeans and remove a 10% tariff on imports of US soybeans.

  • Soybean processors in the western US Midwest were offering hefty premiums for immediate deliveries of the oilseed as persistent rains have slowed early harvesting. The delays have tightened supplies and are forcing some plants to scale back production, grain merchandisers said.

  • CBOT November soybeans closed up 1-1/2 cents at $13.19 per bushel.

  • CBOT December soymeal fell $1.40 to end at $371 per ton after setting contract highs this week.

  • CBOT December soyoil ended 0.29 cent higher at 67.84 cents per pound after dropping earlier to the lowest level since August 27.

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