Wheat and corn rise in Chicago on expectations of new Chinese purchases
Wheat and corn futures in Chicago rose on Monday amid positive signals from US-China trade talks. The most-active wheat contract gained as much as 2%, its biggest intraday rise in nearly two weeks, while corn climbed as much as 1.4%, the strongest gain in 10 days.
The market was supported by expectations ahead of the meeting between Donald Trump and Xi Jinping later this week. Traders are watching for possible new agreements on Chinese purchases of US agricultural products.
China already has a separate stated target for US soybean purchases, so any additional agreements could involve other crops, including wheat, corn and sorghum.
Black Sea supply risks are also providing support. Traders continue to assess the prospects for more stable grain flows amid attacks on port infrastructure and vessels.
Further price moves will largely depend on the outcome of US-China talks. Any concrete commitments on agricultural purchases could strengthen demand for US grain and support prices.
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