CBOT March soyameal ended up $2.90 at $315.10 per short ton while March soyaoil rose 0.24 cent to 29.01 cents per pound. Renewed optimism about US-China trade negotiations lifted soyabeans after media reports about some positive developments in talks.
Traders are also watching for any soyabean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products. Chinese state-owned firms have booked an estimated 5 million tonnes since a 90-day trade war truce was reached on December 1. Concerns about lower soyabean yield prospects in South America due to adverse weather underpinned the market. Some analysts have cut their projections for crops in Brazil and Argentina.