CBOT soybean futures edge higher on fresh Chinese purchase
CGTN

Chicago Board of Trade (CBOT) agricultural futures settled higher for the trading week which ended on Friday, with soybeans rising on fresh Chinese purchase of U.S. agricultural products.

November soybeans were up 0.25 cent, or 0.03 percent, to settle at 8.83 dollars per bushel. December wheat was up 3 cents, or 0.62 percent, to close at 4.8725 dollars per bushel.

China and the United States held vice ministerial-level trade talks in Washington between September 19 and 20, and conducted constructive discussions on economic and trade issues of mutual concern.

Read more: China, U.S. conclude vice-ministerial level trade talks in Washington

The two sides also carefully discussed the specific arrangement for the 13th round of China-U.S. high-level economic and trade consultations scheduled for October in Washington. The two sides agreed to continue to maintain communication on related issues.

VCG Photo

VCG Photo

Rising concerns that rains in the U.S. Midwest could lower crop quality just ahead of harvest also supported the crop market, traders said.

Soybeans rose on renewed optimism about Chinese demand for U.S. supplies of the oilseed.

Chinese firms have recently inquired with U.S. suppliers and purchased U.S. agricultural products, spokesperson of Chinese Ministry of Commerce (MOFCOM) Gao Feng said on Thursday.

These firms have purchased a considerable amount of soybeans and pork, and the Customs Tariff Commission of the State Council will exclude the purchases from the additional tariffs.

"China has great market demand for high-quality U.S. farm products and has high complementarity with the United States in the field of agriculture," Gao said, expecting the two sides to make joint efforts and take concrete actions to create favorable conditions for bilateral cooperation.

(With input from Xinhua News Agency)