China buys most corn since January despite pledge to change feed mix
CHICAGO, May 7 (Reuters) - Chinese buyers bought 1.36 million tonnes of U.S. corn, matching their seventh biggest ever purchase of U.S. supplies of the grain, the U.S. Agriculture Department said on Friday.
The deal comes after China issued guidelines in April recommending the reduction of corn and soymeal in pig and poultry feed. Corn prices have surged to their highest in more than eight years on concerns about a tightening global supply base due to strong demand in biofuels and dry conditions in key growing areas of Brazil.
The corn will be shipped during the 2021/22 marketing year that starts in September, USDA said.
The deal was China's biggest since it booked a deal to buy 2.1 million tonnes of U.S. corn, its most ever from the United States, in January. (Reporting by Mark Weinraub Editing by Chizu Nomiyama)
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