China buys more than 1.7 million tons of U.S. corn
China has made its’ largest purchase of U.S. corn on record.
The USDA’s Foreign Ag Service says Beijing bought 1,762,000 tons of U.S. corn for delivery during the 2020/21 marketing year, following up on last week’s sale of 1,365,000 million tons as China tries to meet Phase One trade deal purchase obligations and hit the World Trade Organization’s low-tariff quota of 7.2 million tons of corn imports from any country, not just the U.S.
Previously, China’s biggest purchase of U.S. corn was 1,450,000 tons in late 1994.
China also 129,000 tons of U.S. soybeans Tuesday, also for delivery next marketing year, which starts September 1st.
The USDA’s next set of supply and demand estimates is out August 12th.