Corn Hits 6-Week High on U.S.-China Trade Talks
Officials see progress on resolving problems over Phase 1 trade deal
Chicago corn futures rose 1.5% on Tuesday, hitting their highest in more than six weeks, buoyed by expectations of higher Chinese demand for U.S. farm products following talks between the two countries, reports Reuters.
Soybeans rose 1.1% and wheat also gained.
Senior U.S. and Chinese officials, who spoke by phone on Monday, see progress on resolving problems over the Phase 1 trade deal reached in January between the two countries and say both sides are committed to the success of the agreement.
“It could lead to higher demand for U.S. agriculture products,” Ole Houe, of agriculture brokerage IKON Commodities, told Reuters. “It has a real chance of changing things.”