Chicago soybeans, corn rise on hopes of China buying more U.S. supplies
Chicago soybeans and corn rose on Monday as traders await a meeting between U.S. President Donald Trump and Chinese President Xi Jinping this week, which could generate more Chinese buying of U.S. supplies. Wheat also rose on drone attacks by Ukraine and Russia reducing hopes for de-escalation in their war. Most-active soybeans rose 0.6% to $13.11-3/4 a bushel, wheat rose 1.1% to $7.22-1/4 a bushel and corn rose 1% to $5.33-1/4 a bushel at 1132 GMT.
S. President Donald Trump and Chinese President Xi Jinping this week, which could generate more Chinese buying of US supplies. Wheat rose after drone attacks by Ukraine and Russia reduced hopes for a de-escalation in their war which has virtually stopped their Black Sea exports. 11-3/4 a bushel at 1132 GMT.
33-1/4 a bushel. Dealers await the Trump-Xi meeting from Thursday. “Soybeans and corn are supported by hopes of more Chinese buying of US supplies if the Trump/Xi talks this week result in some form of trade deal or tariff reductions,” said Matt Ammermann, commodity risk manager at StoneX. ” “Hopes are that if China removes its 10% import duties on US soybeans, import purchases by private Chinese buyers could again resume.
” Wheat rose on war disruption to Russia's and Ukraine's exports. “Wheat is again supported by lack of signs of de-escalation which could permit Russian and Ukrainian ship-borne Black Sea exports to get going again," Ammermann said. ” Wheat was underpinned by importer demand, with Pakistan buying 365,000 tons on Saturday and then issuing a tender to buy 185,000 tons on Sunday. net)