Soybean closes over 1% higher as trade tensions ease

Soybean prices rose on Tuesday, lifted by demand for agricultural commodities on the Chicago Merc, as tensions between the US and China eased.

Corn futures jumped 2.3%, hitting 6-week high, lifted by reports of poor quality US crops and strong Chinese demand.

The US Department of Commerce confirmed the success of telephone talks between officials from the US and China, adding that they agreed to push forward their phase-one of the trade agreement signed last January.

The dollar index fell against a basket of currencies by 0.3% to 93.01 points as of 20:52 GMT, after hitting a high of 93.3 and a low of 92.9.

Soybean September futures rose 1.6% to close at $9.13 a bushel, and hit a day high of $9.14 and a low of $9.05.