China buys 1.36 million tonnes of U.S. corn, most since July-USDA
CHICAGO, Jan 26 (Reuters) - Chinese buyers bought 1.36 million tonnes of U.S. corn, their fifth largest purchase of U.S. supplies of the grain, the U.S. Agriculture Department said on Tuesday.
The deal was China's first major purchase of U.S. commodities since U.S. President Joe Biden took office. Under the Trump administration, exports to China slowed for years due to a trade war before surging in 2020 after the two countries inked a Phase 1 trade deal.
It was the biggest corn sale announced by the USDA since July, when Chinese buyers booked deals to buy 1.937 million tonnes of corn.
Corn prices surged after the latest deal was announced, with the most-active Chicago Board of Trade contract jumping 3.1% and topping its overnight high in early trading.
The USDA also said that private exporters reported the sale of 102,800 tonnes of corn to unknown destinations. (Reporting by Mark Weinraub)
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