# Soybeans Climb to Two-Year High on China Demand, U.S. Crop Woes - Bloomberg

> Chicago soybean futures rose for a sixth straight day to their highest since June 2018, driven by strong Chinese demand, deteriorating US crop conditions and a weaker dollar. Corn hit its strongest level since March and wheat was near its highest since April. China has stepped up US farm purchases since late April and is on course to exceed a WTO-set annual quota for corn.

- Date: 2020-08-31 · published 2020-08-31T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/51648-soybeans-climb-to-two-year-high-on-china-demand-u-s-crop-woes-bloomberg
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Heavier Chinese buying combined with falling US crop ratings tightens old and new crop supplies, supporting soybean, corn and wheat prices and raising feed input costs for buyers.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2020-09-08 | 5 | +9.7% | 3.9 | Soybeans and corn rallied on China demand and US crop woes, with wheat near its highest since April, so spillover buying lifted CBOT wheat. |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-08-31/soybeans-climb-to-two-year-high-on-china-demand-u-s-crop-woes

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.