China purchased corn from the U.S. on Thursday and may make further purchases this year, according to a person with knowledge of the situation.

The person employed by an international trade service agency did not disclose the size of the purchase, yet said China may continue to import U.S. corn this year and could expand buying next year to ensure sufficient supplies.

Commodity traders have been closely watching Chinese imports of U.S. corn, which are projected to drop to a 15-year low this year. Traders and analysts had been talking about the potential for significant sales to China for months, but expectations for business decreased as corn prices climbed.

Yet speculation on Chinese buying picked Thursday after the U.S. Department of Agriculture reported private exporters struck deals to sell 116,000 metric tons of corn for delivery to unknown destinations during the 2010-2011 marketing year. Corn futures surged Thursday, hitting the limit on one-day gains under Chicago Board of Trade rules. Corn for May delivery recently traded 28 cents, or 4.3%, higher at $6.74 1/2.

China's corn stocks are at a historically low level that suggests the country may have to import large volumes, Standard Chartered wrote in a research note last month.

China hasn't be a large importer of U.S. corn in recent years, yet some analysts predict its buying will pick up, potentially reshaping the global grain trade in coming years.

-By Tom Polansek, Dow Jones Newswires; 312-341-5780; tom.polansek@dowjones.com

-Zhoudong Shangguan in Beijing contributed to this article

(END) Dow Jones Newswires

March 18, 2011 11:20 ET (15:20 GMT)