16.
07.20
04:45

China's purchases of US agricultural goods are causing the CBoT wheat future to rally

The CBoT wheat futures prices reached a three-month high yesterday. This morning, however, some buyers take their profits with them and push the prices a little.
The reason for the high prices is that China is in a real buying frenzy and apparently now wants to fulfill the Phase 1 trade agreement with the USA with power. In it, China had committed to buy $ 80 billion of US agricultural goods over the next two years.
That US wheat is now also being taken off seems to have been the catalyst of yesterday's rally in the wheat future.
To what extent the growing political tensions between the USA and China also play a role is difficult to assess.

Source
Hansa Terminhandel GmbH
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