CBOT soybeans steady on crude oil strength, Trump-Xi meeting reset
CHICAGO, March 17 (Reuters) - Chicago Board of Trade soybean futures rose as U.S. President Donald Trump said the date of his meeting with China's President Xi Jinping would be reset, and crude oil strength added support.
Trump on Tuesday said he was postponing a highly anticipated trip to Beijing to meet with Chinese President Xi Jinping as the war with Iran upends U.S. foreign policy and delays an effort to ease tensions between the world’s two biggest economies.
Trump had been set to travel to Beijing from March 31-April 2 for the first trip there of his 14-month-old second term. The trip will now take place in about five or six weeks, Trump said.
Trump told the Financial Times in an interview on Sunday that he could delay his summit with Xi as he presses Beijing to help unblock the Strait of Hormuz.
Soybeans received additional support as crude oil rose after Iranian attacks on the UAE heightened concerns about supply disruption due to the U.S.-Israeli war with Iran. GRA/
Investor hopes were raised as Trump invited farmers and biofuels producers to an event at the White House on March 27, CBS News reported.
The administration's plans to issue a final rule before the end of March on biofuel blending quotas have raised expectations for additional volumes for feedstocks like soyoil, according to analysts.
CBOT May soybeans SK26 settled 1-3/4 cents higher at $11.57 per bushel after falling to their daily limit on Monday.
CBOT May soyoil BOK26 ended up 2.03 cents at 65.97 cents per pound.
CBOT May soymeal SMK26 fell $0.50 to end at $311.70 per short ton.
