Soybeans Rise on Hopes of New Chinese Purchases

Soybean futures on the Chicago Board of Trade closed higher in their front months on Friday, but there were small losses in the more deferred contracts.

The market is pinning its hopes on Monday's announcement from the White House, which will reveal the results of trade talks between Chinese President Xi Jinping and US President Donald Trump. Speculation suggests that China may make new agricultural purchases following the announcement.

Crusher premiums are being offered to secure supplies due to the slow pace of the US soybean harvest. The corn market also saw a slight increase on Friday, in sympathy with soybeans.