China Commits to $17 Billion in Annual US Farm Buys, Lifting Corn 3.8%
Updated
Updated · Bloomberg · May 18
China Commits to $17 Billion in Annual US Farm Buys, Lifting Corn 3.8%
3 articles · Updated · Bloomberg · May 18
Summary
Chicago grain futures jumped after the White House said China will buy at least $17 billion a year in U.S. agricultural goods through 2028.
Corn rose as much as 3.8%—its biggest intraday gain in six months—while wheat and soybeans also advanced at the open.
The buying pledge followed President Donald Trump's meetings in Beijing last week and gave traders the concrete purchase target they had been seeking.
The agreement adds fresh support to row-crop markets after earlier trade talks had already included a 25 million metric ton soybean commitment last October.