Hopes China will buy more American soybeans powered soy futures higher on Monday. Corn also advanced, while wheat was buoyed by Chinese buying hopes as well.
Soybeans touched a 16-month high as the American government published details on Saturday from the trade deal US President Donald Trump and Chinese leader Xi Jinping struck at the APEC Summit in South Korea last week. With the easing of trade tensions between the two countries, the soy market remains hopeful China will be back for more US cargoes after the country bought 180,000 tonnes of soybeans ahead of the Trump-Xi deal. January soybeans gained 19 cents to $11.34 ¼, and March added 16 ½ cents to $11.40 ¼.
Wheat was mainly higher on reports today that China could be in the market for American supplies, although gains were limited by the lack of confirmation. If accurate, it would mark the first Chinese purchase of US wheat in over a year. December Chicago gained 9 ½ cents to $5.43 ½, and December Kansas City was up 7 ¼ cents at $5.31 ¾. December Hard Red Spring eased a ¼ cent to $5.22 ¼, and December Minneapolis was 5 ½ cents higher at $5.58 ½.
Corn edged a bit higher amid spillover support from China trade hopes and the gains in wheat and soybeans. The December and March contracts each closed 2 ¾ cents higher at $4.34 ¼, and $4.46 ¾, respectively.
