Soy Climbs as Biofuels Policy Nears, Trump Sets Trip to China

Soybean oil advanced as traders anticipated the US is about to finalize the nation’s biofuels blending policy, while soybeans extended earlier gains on news that President Donald Trump will travel to China in May.

Trump and Chinese leader Xi Jinping will hold their highly anticipated summit in Beijing on May 14-15, following a delay that raised concerns over US soybeans sales to China. White House Press Secretary Karoline Leavitt announced the rescheduled dates on Wednesday and said that Xi would visit Washington at a date later this year.

Soybeans climbed as much as 1.9%, while soybean oil rose as much ...