Grain and soybean futures on the Chicago Board of Trade (Cbot) rose on Monday after the White House announced that China pledged to buy at least $17 billion in American agricultural products over the next three years.
The most traded soybean contract on the CBOT Sv1 rose US$0.41 to US$12.18 a bushel at 16:27 GMT. Cv1 corn gained $0.21 to $4.7675 a bushel, while Wv1 wheat added $0.28 to $6.6375 a bushel.
China pledged to buy American agricultural products during meetings last week between the president of United States, Donald Trumpand Chinese President Xi Jinping, the White House said in a briefing released Sunday.
The purchase, worth $17 billion, will not include soybean purchase commitments that China made in October 2025, according to the White House. Markets did not expect Beijing to raise the soybean purchase target above 25 million metric tons.
Agricultural imports of China from the United States continues to face an additional 10% tariff after last year’s rounds of retaliatory tariffs sharply reduced trade.
China’s Ministry of Commerce said on Saturday that both sides aim to promote bilateral trade, including agricultural products, through measures such as reciprocal tariff reductions on a wide range of products. He did not specify what products these are.
High domestic wheat prices were prompting American buyers to import wheat from Poland, European traders said on Monday.
Arlan Suderman, chief commodities economist at StoneX, said wheat futures could be rallying ahead of Monday’s U.S. Department of Agriculture crop status report, which could show further deterioration of winter wheat crop.
Rainfall expected this week in the wheat belt of the Plains The U.S. is too late to help a parched crop and could cause additional damage at this point in the season, Suderman said..
