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China's Pledge for U.S. Soy Buying Catches Traders Off Guard

USDA says china has agreed to by 10 million tons more of soy

China’s pledge to buy more American soybeans caught some of the world’s largest agricultural commodity traders off guard, reports Bloomberg.

Traders had been expecting purchases of corn as well as ethanol and distillers dried grains.

The market had been on the lookout for “rumors of corn business being done,” Matt Janney, a trader at Futures International, a brokerage firm in Chicago told Bloomberg. The soybean news is a bit surprising, he said.

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