Soybeans were higher in overnight trading after Chinese state media said Beijing and Washington agreed to remove some of the existing tariffs on each other’s goods.

China Commerce Ministry spokesman Gao Feng said China and the U.S. were closer to a so-called phase one agreement after talks, state media reported.

Leaders from both countries – the world’s two largest economies – had been seeking a place to sign a trade deal after the Asia-Pacific Economic Conference scheduled for this month in Chile was canceled due to ongoing protests.

Reuters reported yesterday, citing a U.S. administration official, that President Donald Trump and President Xi Jinping may delay signing any agreement until December as talks continue about a suitable location.

Several locales have been suggested including London, Switzerland, and Iowa.

Soybean futures for November delivery rose 3½¢ to $9.31 a bushel overnight on the Chicago Board of Trade. Soy meal gained $1.70 to $300.60 a short ton, while soybean oil fell 0.07¢ to 31.68¢ a pound.

Corn futures for December delivery rose ¾¢ to $3.79½ a bushel.

Wheat for September delivery gained 2¾¢ to $5.19½ a bushel, while Kansas City futures were unchanged at $4.27¾ a bushel.

Source: Tony Dreibus,