China has made its largest purchase of U.S. corn to date to meet a surge in demand for animal feed, the U.S. Department of Agriculture said on 29.
The USDA said private exporters reported selling 2.108 million tons of U.S. corn to China for shipment in the 2020/21 market year. This is the second largest single-day sale on record, behind the 3.72 million tons sold to the former Soviet Union in January 1991.
It also surpassed China’s previous largest single-day U.S. corn purchase of 1.937 million tons in July 2020.
Three industry sources told Reuters in October that Beijing has been seeking to increase corn imports after storms and drought led to tight domestic supplies.
Combined with purchases earlier in the week, China received a total of 3.74 million tons of supplies from the United States.
Chicago Board of Trade corn futures jumped 9-1/4 cents to $5.43-3/4 a bushel early Friday, threatening to break above the seven-and-a-half-year high touched Thursday.
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