U.S. soybean futures climbed to a one-week high on Wednesday on declining yield prospects in Brazil and optimism about U.S. trade relations with top global soy buyer China, traders said.
Reuters reports soybeans were on track to climb about 1.6% in the first trading day of the new year. Traders and analysts cited dry conditions in crop areas of central Brazil.
Analysts also cited optimism that China might buy more U.S. soybeans as a trade delegation heads to Beijing for trade talks, although cash bids for soybeans shipped to the U.S. Gulf export terminal showed little change on Wednesday.
