China bought US soybean and wheat

On the international scene, China bought 120 thou. t of wheat and 120 thou. t of soybeans from the USA, proving its return to the markets, Agritel reports.

"The coronavirus epidemic appears to be stabilizing in China, while it is progressing in Europe and is only in its early stages across the Atlantic," the report reads.

South Korea bought 60 thou. t of corn and 136 thou. t of wheat from the USA. Saudi Arabia has launched a call for tenders for 720 thou. t of feed barley, including 480 thou. t from the Black Sea.

"On the international scene, there is, therefore, a strong demand, which supports prices. Indeed, China is looking for new wheat offers. France could, therefore, benefit from Chinese demand," analysts add.

Rapeseed prices increased yesterday thanks to the rebound in soybean and crude oil prices, the consultancy writes. The latter two are still up slightly this morning.

As a reminder, corn prices retreated on Mar. 17 in Chicago with the sharp drop of ethanol. This cereal is highly impacted by crude oil and biofuels prices’ fall.