Soybeans and other grains surged higher as the potential for U.S. and China trade was revived with talks over the weekend.

Soybeans for January delivery rose 2% to $10.81 per bushel in Chicago, a five-month high, after US Treasury Secretary Scott Bessent said China would make “substantial” purchases of the oilseed.

In comments made Monday, the Chinese Communist Party’s official mouthpiece stopped short of confirming plans to renew purchases of U.S. soybeans.

Bloomberg reported that agricultural trade was one of the issues discussed by American and Chinese negotiators that allegedly reached an agreement over the weekend. Donald Trump and Xi Jinping are expected to meet in South Korea during the APEC summit, giving them an opportunity to finalize a deal.

China, the world’s top soybean importer, has drastically reduced its soybean purchases from the U.S., with virtually no sales since May and none in September for the first time in seven years, according to Reuters.

Instead, the country has turned to South American suppliers. U.S. farmers with high supplies of soybeans have urged the government to reach an agreement to restart sales of the crop.

December wheat futures also gained 2.7% to $5.26 per bushel and corn contracts for December gained 1.5% to $4.2975 per bushel this morning.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.