Soybeans Climbs to Five-Month High After China Agrees Imports

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 ljavier@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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