China buys $850 million worth of U.S. corn
In a four-day shopping spree, importers bought 3.876 million tonnes of U.S. corn for delivery to China this marketing year, said the USDA. The corn was worth $850 million, based on futures prices in Chicago.
High domestic prices have made imported corn attractive to Chinese processors and livestock feeders. China, the world’s largest pork consumer, is rebuilding its hog herd after a devastating epidemic of African swine fever last year. The USDA forecasts China will be the No. 1 customer for ag exports this year.
The four-day spree was capped with the report on Friday from private exporters of the sale of 800,000 tonnes of corn for delivery to China during the marketing year that ends August 31. Sales of 1.156 million tonnes were reported last Tuesday, 1,224 million tonnes on Wednesday, and 696,000 tonnes on Thursday.