The US-China agreement that may open up the Chinese market to more American farmers drove grain and soybean prices sharply higher Monday on the Chicago Board of Trade, local press reported.

Under the agreement, announced Monday, China would cut tariffs an average of 23 percent once it joins the World Trade Organization. US President Bill Clinton said it should provide unprecedented opportunities for American farmers and others who will be enabled more access to the Chinese market.

According to the Associated Press, soybean futures also were underpinned by the reported sale of 25,000 tons of US soybeans to China over the weekend.

Wheat prices were supported by continuing dry conditions in the US hard red winter wheat belt.

Corn futures were only slightly higher, benefiting from the rally in wheat and a technical recovery from last week's slump.

Wheat for December delivery rose more than 5 cents to 2.50 US dollars a bushel; January soybeans rose more than 6 cents to 4.69 dollars a bushel.

Beef futures were mostly higher on the Chicago Mercantile Exchange, while pork bellies rose dramatically and lean hogs also increased.

December live cattle were unchanged at 70.27 cents a pound; January feeder cattle rose.48 cent to 83.90 cents a pound; December lean hogs rose .93 cent to 51.25 cents a pound; February frozen pork bellies rose 3 cents to 77.27 cents a pound. (Xinhua)