SYDNEY- US soybeans futures rose for a sixth straight session on Monday on expectations that Beijing will meet the purchasing targets agreed on in the Phase 1 trade deal, although concerns about a coronavirus outbreak in China capped gains.
Corn fell 0.6 percent, losing about half of the gains from the previous session, while wheat shed 0.5 percent, having closed up 0.4 percent on Friday.
The most active soybeans futures on the Chicago Board Of Trade were up 0.3 percent at $8.84-1/2 a bushel. The contract firmed 0.1 percent in the previous session.
Chinese President Xi Jinping told US President Donald Trump that China would still meet its Phase 1 trade deal purchasing targets despite delays linked to the coronavirus, White House adviser Larry Kudlow told Bloomberg Television.
Analysts said the reiteration of Chinese commitments to buy US supplies was underpinning the gains, however, the coronavirus epidemic that has killed over 900 people in top buyer China continued to weigh on prices.
“The market is comforted about Chinese demand but getting the product to port is one thing. Getting truck drivers to transport the supplies is another,” said Phin Ziebell, agribusiness economist, National Australia Bank. — Reuters
