Soybeans, Corn Gain on Speculation China Is Buying U.S. Supplies
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Soybeans rose the most in five weeks and corn climbed on speculation that China has boosted purchases from the U.S., the world’s largest exporter. Wheat also gained.
China has bought about 20 cargoes of U.S. corn in October, Shanghai JC Intelligence Co. wrote on its website today. U.S. supplies delivered to China are $2.40 a bushel cheaper than domestic prices, according to the Linn Group. U.S. soybean export prices are about $1.25 a bushel cheaper than supplies from Brazil, boosting demand, the researcher said. A 16-day U.S. government shutdown that ended yesterday with a new budget agreement has limited data on crop prices and export sales.