Grains Markets Rally on China Talk

An article on AgWeb

Corn and soybeans failed to extend Monday’s gains in the overnight session but when the day trade resumed the markets were sharply higher on talk that China may be looking for U.S. soybean bids.

Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.

He says, “I haven’t seen anything else that would be doing it. You’ve got something that put money flow back into this thing and the quick turnaround it was from 7:45 am to 8:30 am was incredible. Maybe China said, I’m not going to buy a U.S. product until we end the war with Iran and maybe they’re coming in to do it now. It’s a little early, but it’s never too late to start.”

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