Grains Market Pauses After Trade Deal Rally

source: Successful Farming

Chicago wheat, corn and soybean futures eased on Wednesday, as grain markets paused after rallying this week on demand hopes fuelled by a U.S.-Chinese trade agreement and plans by Argentina to raise grain export taxes, reportsReuters.

Grain markets were buoyed by last Friday's announcement of a first-step deal between Washington and Beijing to resolve a bitter trade dispute.

This included a Chinese commitment to expand purchases of U.S. farm products but traders remained cautious about projections by Washington that these would reach $40-$50 billion within two years against $24 billion before the trade dispute.