Global Soybean futures hit four-month high as grains rally

The US soybean futures continued to edge higher as hopes of US-China trade deal boosted sentiments. Chicago soybean futures rose hit near four-month high as a rally above $10 per bushel mark extended. Soybean futures are quoting at $10.78 per bushel right now, up 1.65% on the day amid a sustained upmove across grains like Wheat and Corn. The commodity has been soaring after recent data showed that China's soybean imports surged to a record high for the month of September, with the country receiving 12.9 million tons of soybeans. The country?s total wheat imports for the first nine months of the year came in at 86.18 million tons, up 5.3% year-on-year. The commodity is up around 7.60% this month compared to a 5% drop in September.

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