U.S. soybean futures surged to their highest level in more than a year on Monday, lifted by a wave of buying from China’s state-owned grain trader COFCO after the latest U.S.–China trade agreement. Reuters cite traders saying COFCO purchased at least 14 cargoes — roughly 840,000 tonnes — for December and January shipment, marking China’s biggest U.S. soybean purchases since the Trump–Xi summit in October.
Corn prices also firmed, while wheat futures reached their strongest levels since July. China, the world’s largest soybean importer, had been relying heavily on South American suppliers during its trade tensions with Washington. But after months of record imports that created a domestic glut, Beijing’s renewed buying from the U.S. is giving futures markets a fresh boost.
This article was written by Eamonn Sheridan at investinglive.com.