CBOT December soyameal ended up $3.20 at $298.60 per short ton and December soyaoil slipped 1 cent to 28.69 cents per pound. US President Donald Trump predicted a trade deal with China after positive gestures by Beijing, calming markets that have been roiled by new tariffs from the world's two largest economies.
China is the world's biggest soyabean importer and bought $12 billion worth of the crop from the United States the year before the trade war. Uncertainty about the size of the upcoming US soyabean harvest helped underpin futures prices, traders said. After Friday's CBOT close, advisory service Pro Farmer projected the US 2019 soyabean yield at 46.1 bushels per acre, below the US Department of Agriculture's last forecast of 48.5. Analysts expect the USDA will rate 54% of the US crop as good to excellent in a weekly report later on Monday, up from 53% week earlier, according to a Reuters poll. Estimates on soyabean ratings ranged from 52% to 55%.