July 14, 2010

Cofco orders another US corn cargo in July

Cofco Ltd., China's biggest grain trader, bought one more corn shipment from the US, bringing the company's purchases this year to 14 cargoes, or about 840,000 tonnes, according to sources.

State-owned Cofco bought the shipment on July 9. The cargo is 60,000 tonnes with 10% variation either side, two executives familiar with the transaction said.

The cargo is scheduled to arrive in China in September, with optional destinations including Guangdong, Jiangyin near Shanghai, and Shandong. Total corn purchases by China this year may total 1.1 million tonnes, with the bulk bought by Cofco, they added.