China bought more American soybeans on Monday as the USDA reported stockpiles of the crop were smaller than traders expected, sending futures prices to nine-week highs.
Reuters reports corn futures approached a seven-week high after the USDA report also showed tighter-than-expected inventories of the yellow grain.
Chinese buyers have recently made a string of purchases, including up to 600,000 tonnes on Monday, according to traders.
“We’re seeing China business every day,” Ted Seifried, chief market strategist for Zaner Ag Hedge in Chicago, told Reuters.
