Soybean futures had an up-and-down session the day following the announcement of a long-awaited agreement between the United States and China.
The January contract ended the session up 1.2 per cent from the previous day after yo-yoing all over the place as the market digested the implications of the new pact.
China has agreed to buy a minimum of 12 million tonnes of U.S. soybeans in 2025, and a minimum of 25 million tonnes in each of the next three years.
To put that in perspective, China had typically been purchasing 25 to 30 million tonnes from the United States in recent years, but shipments dried up in recent months due to a trade spat between the two countries.
