China buys more U.S. corn


China buys more U.S. corn

China has made one of the largest purchases of U.S. corn on record for the second time this week as it tries to rebuild domestic inventories and feed an expanding swine industry.

The USDA says Beijing bought 1.7 million tons of corn, which is the sixth largest single day purchase on record. That follows Tuesday’s purchase of 1.36 million tons, falling just outside of the top ten, and Wednesday’s purchase of 680,000 tons, for a running total of 3.74 million tons.

Additionally, unknown destinations purchased 213,600 tons of U.S. corn, which could turn out to be China when it’s time for delivery. Unknown also picked up 102,800 tons of old crop U.S. corn earlier this week.

Most of this week’s reported sales are for delivery during the current marketing year, which runs through the end of August.

The USDA’s next set of supply and demand estimates is out February 9th.