Soybeans rallied to the highest level in five months after the U.S. said last week that exporters sold 2.92 million metric tons to China, the biggest one-day deal on record. Corn and wheat gained.
The May-delivery contract rose as much as 0.5 percent to $12.8025 a bushel on the Chicago Board of Trade, the highest price for the most-active contract since Sept. 23. The oilseed traded at $12.7575 at 12:04 p.m. in Singapore.
The deal with China includes 2.75 million tons for delivery in the year that begins Sept. 1 and 173,000 tons before Aug. 31, the U.S. Department of Agriculture said Feb. 17. China agreed to buy a total of 13.4 million tons (492.3 million bushels) in contracts signed last week in Iowa and California, the U.S. Soybean Export Council said Feb. 17.
“Last week’s large soybean-supply agreement between the U.S. and China continues to provide underlying support to the oilseed complex,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said in an e-mail today.
Commodities from grains to metals to oil advanced after a European Union official said euro area finance ministers reached an agreement on a second bailout package for Greece that’s aimed to stave off a default next month.
Corn for May delivery rose 0.2 percent to $6.4625 per bushel, while wheat for delivery in the same month added 0.1 percent to $6.485 per bushel.
To contact the reporter on this story: Luzi Ann Javier in Singapore at email@example.com
To contact the editor responsible for this story: James Poole at firstname.lastname@example.org