grain

China Buys another Large Shipment of U.S. Corn

Dan Corn, Exports/Imports

china

(NAFB) — China bought a large shipment of U.S. corn on Tuesday. Private exporters reported the sale of 1.15 million tons of corn for delivery by the end of August. The corn is equivalent to more than 45 million bushels and was worth 251 million dollars based on Chicago futures prices. It was the largest sale of U.S. corn to China since the Asian nation bought 2.1 million tons on January 29.

Successful Farming says the USDA expects China to buy a record $31.5 billion worth of U.S. farm products in the fiscal year that ends on September 30, thanks in part to its large corn purchases last fall. Sales in the fiscal year 2020 totaled $17 billion when the trade war was in full swing. If those purchases happen, China would be back on top as the number one customer for U.S. farm goods.

Last year, China was third in line behind Canada and Mexico. Despite a large number of recent purchases, China didn’t meet the target in its Phase One trade agreement with the U.S. when it pledged to buy $36.6 billion worth of U.S. food, agricultural commodities, and seafood products in 2020. This year, the target is even higher at $43.5 billion.

(From the National Association of Farm Broadcasters)