US-China Trade Optimism Fuels Grains and Livestock Market Gains
The grains and livestock futures markets experienced significant gains on Monday as optimism grew over the upcoming meeting between the US and China on trade. The Dow Jones Industrial Average surged, with December corn rising 14 1/2 cents per bushel, November soybeans up 23 3/4 cents, and December KC wheat increasing by 10 1/2 cents.
Traders attributed the gains to growing concern over Black Sea exports, as well as the extension of the crude oil correction for a fourth straight day. The U.S.-China trade summit is set to take place this week, adding to the market's optimism. Meanwhile, livestock markets were also boosted by the record-low August placements in last Friday's Cattle on Feed report.
December live cattle rose $4.68 at $221.3, while October feeder cattle increased by $5.83 at $329.325. The Dow Jones Industrial Average and NASDAQ indices both saw significant gains, with the average up 323.74 points and the NASDAQ up 516.78 points.