Soybeans touch 15-month high, wheat firm on Chinese demand hopes

Chicago soybeans rose to 15-month highs on Monday on expectations China will restart large-scale U.S. soy buying after the two countries reached a deal to de-escalate their trade war. Wheat also rose on hopes of renewed Chinese buying and corn firmed, tracking soybean strength. “The market is expecting China to cut tariffs on U.S. soybeans and buy large volumes,” a Singapore-based trader said. Chicago Board of Trade most-active soybeans ZS1! rose 0.5% to $11.21-1/4 a bushel at 1101 GMT, around their highest since July 2024. Wheat ZW1! rose 1.5% to $5.42-1/4 a bushel, while corn ZC1! rose 0.2% to $4.32-3/4 a bushel. Markets rose last week after the U.S. said China would buy millions of tons of U.S. soybeans as part of a trade deal. China has shunned U.S. soybeans during the trade dispute, buying from South America instead. Support also came from reports China was interested in buying U.S. wheat. But the U.S. government shutdown is depriving dealers of news about new U.S. export ...