22.
07.20
04:41

China's purchases support CBoT agricultural futures rates

The CBoT agricultural futures prices are rising again this morning. The reason for this is the purchases from China. The Chinese not only buy soybeans, but especially corn and wheat in the United States and now also in Australia.
As of July 10, the USDA had reported that China had bought 3.259 million tons of US corn, 1.298 million tons of US soybeans, and 320,000 tons of US durum wheat.
The domestic demand for feed seems to be very high in China at the moment, which is signaled by the high prices for corn there. Now the authorities in Beijing already want to deliver rice from the state reserve to feed manufacturers at half the market price in order to curb the rise in corn prices.
The weather in the Midwest of the United States is ideal for corn and soybean growth. This depresses expectations for better producer prices. On Monday, the USDA rated both soybeans and corn 69% in the top good-to-excellent category.

Source
Hansa Terminhandel GmbH
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