Soybeans and other crops soared as progress in negotiations between the U.S. 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 U.S. 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.

Agricultural trade was among a range of issues that American and Chinese negotiators said they came to terms on over the weekend, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease tensions that have rattled global markets. The two are expected to meet later this week in S

See Full Page