Just as it seemed investors were willing to take a few profits on crops, along came two reasons to persuade them to hang on.
The first was oil, which crossed $90 a barrel in New York to set a 26-month high, amid continued cold weather on both sides of the Atlantic and following data showing a third successive weekly fall in American crude inventories.
The second was Chen Deming, China’s commerce minister, who, as quoted on the department’s website, said that the country was set for bumper purchases of farm commodities next year, as it seeks to rebuild run-down reserves.