China's demand drives up prices of agricultural products

Driven by Chinese demand, futures prices of corn, wheat and soybeans on the Chicago Board of Trade rose across the board on the 29th. On the same day, the most actively traded March contract on the Chicago Board of Trade corn market closed at $5.47 per bushel, up 12.5 cents from the previous trading day, or 2.34%; the March wheat contract closed at $6.63 per bushel, compared with The previous trading day rose 16 cents, or 2.47%; the March soybean contract closed at $13.7 per bushel, up 16.75 cents, or 1.24%, over the previous trading day.

The US Department of Agriculture announced that it exported 2.1 million tons of corn to China that day, the second largest daily sales on record. Because China's demand is still huge and prices are still showing an upward trend, market analysts continue to be bullish on the futures prices of agricultural products, believing that the entire futures prices of agricultural products are low relative to the fundamentals.

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