After hitting three-year lows, U.S. wheat prices have experienced an exceptional rally, primarily driven by increased purchases from China seeking competitive prices. The most-active CBOT wheat settled higher for an eighth consecutive session, marking a rare occurrence since July 2012. Despite money managers maintaining an extreme bearish stance, China's import momentum, triggered by competitive U.S. prices, has shifted trader sentiment. With daily trading volumes reaching all-time highs and China's 2023-24 U.S. wheat haul exceeding 2 million tons, the market dynamics showcase the significant impact of China's buying spree on U.S. wheat prices.

SOURCE:GOOGLE