Corn, wheat, soy rally on U.S.-China trade hopes, export demand

The news that the U.S. and China had essentially reached a trade deal that would prevent additional tariffs being tacked on to Chinese goods on Sunday, helped send commodity markets higher.

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U.S. corn, wheat and soybean futures rose on Thursday on fresh export demand and renewed hopes for a trade agreement with China after U.S. President Donald Trump tweeted that a deal with Beijing was "very close," analysts told Reuters.

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Chicago Board of Trade March corn futures settled up 6-1/2 cents at $3.77-3/4 per bushel, their biggest single-day advance in nearly two weeks.

CBOT March wheat ended up 11 cents at $5.30-1/4 a bushel and January soybeans rose 4-3/4 cents to settle at $8.98-1/4 a bushel.

US AND CHINA REACH PHASE ONE TRADE DEAL: SOURCE

All three markets advanced after the Trump tweet and the Wall Street Journal reported that U.S. negotiators had offered to suspend tariffs due to go into effect Dec. 15.

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China is the world's largest soybean importer.