Farmers welcomed the rallies after crop prices plunged last month when the federal agency estimated that this autumn's harvests would be larger than many projected. Growers have struggled due to low prices, the U.S.
"China has great market demand for high-quality US farm products and has high complementarity with the United States in the field of agriculture", MOC spokesperson Gao Feng said, expecting the two sides to make joint efforts and take concrete actions to create favorable conditions for bilateral cooperation.
Chinese firms bought up to 600,000 tonnes of USA soybeans on Monday as part of a tariff-free quota allotted to the importers to buy up to 2 million tonnes this week, two sources with knowledge of the deals said. November soybeans were up 0.25 cent, or 0.03 percent, to settle at 8.83 dollars per bushel. The most-active corn contract was up 3.3% at $3.83-3/4 a bushel. Individually, the USDA pegged the 2019/20 U.S. All Wheat manufacturing at 1.962 billion bushels vs. the standard commerce estimate of 1.968 billion bushels.
The dust has settled after the USDA released the Quarterly Grain Stocks Monday morning at 11:00 am.
There is a bit less risk aversion in the marketplace Monday, following markets being roiled last Friday by reports the U.S. was considering limiting United States investors' investment in China, including the USA stock exchanges de-listing Chinese companies.
USA corn, soybean and wheat futures fell on Wednesday on a round of technical selling after posting sharp gains earlier this week, traders said. With large shares anticipated in the present day's USDA crop report, lastly a bullish crop report.
"Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2018 soybean production is revised down 116m bushels from the previous estimate", the USDA said. "Planted area is revised to 89.2m acres, and harvested area is revised to 87.6m acres". Wheat stocks were slightly above expectations at 2.385 billion bushels.
The fall in corn futures also came despite the USDA pegging the pace of harvesting below market expectations.
"Unfortunately it looks like the Black Sea region and Europe will continue to dominate such tenders with USA wheat not seen with much of a chance", one trader said. The outcome of the U.S.
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