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

A 'phase one' agreement has been struck between the U.S. and China, which includes stronger intellectual property protections, sources tell FOX Business.

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.

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.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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.

CLICK HERE TO READ MORE ON FOX BUSINESS

China is the world's largest soybean importer.