EU wants to introduce more US soybeans - Soybean prices are rising

Chicago soybean prices are rising by nearly 2% this morning as Europe seeks to buy more soybeans to prevent tariffs on cars.
In order to reduce the high US trade deficit with Europe, the European Union is likely to lose more US soybeans. An escalation of the trade dispute as with China seems for the time being off the table.
Since the Chinese punitive tariffs are fully priced into the futures prices, this is a bullish message for the soybeans.
Jean Claude Juncker calls the EU's willingness to buy soybeans a big concession, prompting Donald Trump to renounce punitive tariffs on EU cars. Now, other trade barriers between the EU and the US are to be dismantled.
Text: HANSA Derivatives Trading GmbH / / Graphic: Saxo-Trader

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