Soybeans Extend Rally as US Says China Halts Retaliatory Tariffs

Soybeans extended gains after the US said China agreed to halt retaliatory tariffs following a key summit last week, and reiterated the Asian nation will ramp up purchases this year.

China will suspend all levies announced since March 4 on soybeans and other US agricultural products including corn, wheat, sorghum and chicken, according to a fact sheet released by the White House on Saturday. Beijing is yet to confirm the halt, and didn’t directly address a question on the duties last week.

The White House added that China agreed to purchase at least 12 million tons of US soybeans ...