Soybeans and other crops soared as progress in negotiations between the US and China lifted hopes that the world’s two largest economies were edging toward a deal in their protracted trade war.
Soy futures rose as much as 2.8% in Chicago, reaching the highest since July 2024. That came after US Treasury Secretary Scott Bessent said China would make “substantial” purchases of the oilseed under a pact the two countries are close to finalizing. Wheat jumped by the most since Aug. 12.