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Soybeans, Corn Futures Rebound on Chinese Buying

Since July 10, the USDA has reported China bought 3.259 million tonnes of U.S. corn

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Chicago soybeans futures bounced back on Wednesday, rising for six out of seven sessions while corn gained ground on strong Chinese demand, reports Reuters.

Wheat gained for a second consecutive session.

“We have seen recent Chinese purchases for soybeans, corn and wheat which has underpinned prices,” one Singapore-based trader told Reuters. “It is not just U.S. products, China has taken some Australian wheat as well.”

Since July 10, the USDA has reported China bought 3.259 million tonnes of U.S. corn, along with 1.298 million tonnes of soybeans and 320,000 tonnes of hard wheat.

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