Soybean hits 5-week high on US-China trade deal, Argentine taxes

Chicago soybeans rose for a fourth consecutive session on Tuesday and hit their highest in five weeks as an initial trade deal between Washington and Beijing raised prospects of increased demand from China.

Wheat edged lower but traded close to a six-month high hit on Monday on support from Argentina’s move to raise taxes on agriculture products.

“Markets broadly are reacting positively to the fact of a deal,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

“Agricultural commodity markets though are going to…

View entirety: Economic Times