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Export Hopes Push Grain Futures Higher

China is preparing to buy more than 30M tonnes of crops for state stockpiles

Container ship

U.S. soybean, corn and wheat futures rose on Thursday as recent declines spurred demand for imports of all three commodities, traders said.

According to Reuters, bargain-buying and short-covering contributed to the bullish tone following a sharp sell-off across the commodities market as the coronavirus pandemic roiled demand.

China is preparing to buy more than 30 million tonnes of crops for state stockpiles to help protect itself from supply chain disruptions caused by the coronavirus pandemic and make good on pledges to buy more U.S. crops, three sources told Reuters.

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