Latest US export figures suggesting continued strong Chinese demand buoyed corn and soyabean prices, with bad weather also raising worries about supplies of the cereals.
Soyabean futures rose above $15 for the first time in almost four years, while corn rose 4 per cent to a two-week high. Both soyabean and corn are an important part of the global food chain providing animal feed for cows, sheep, pigs and poultry consumed all over the world.
The rally in corn prices came as the US Department of Agriculture yesterday announced the sale of 1.56m tonnes of US corn, the largest one-day sale since 1991. Analysts said while the destinations were not specified, the bulk of the exports were likely to be destined for China.
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