Corn, Soybean Oil Surge to New Contract Highs; Wheat Reverses
Following Tuesday’s FAS announcement that China had purchased 53.4 mb of U.S. corn, the largest since August, corn opened higher again Tuesday night and surged to a new contract high. Another sale of 26.8 mb was announced early Wednesday, bringing China’s 2-day total to over 80 mb. Soybean oil, on the heels of a palm oil rally of nearly 4% also jumped to a new contract high. Both markets leaked lower late in the session.