July 12, 2020

 

China makes second-biggest US corn purchase

 

 

As China works to fulfil its Phase 1 trade deal obligation to significantly boost US farm product imports, the country booked its second-largest single-day US corn purchase on record, USDA data showed on Friday, Reuters reported.

 

The USDA said China bought 765,000 tonnes of corn for shipment in the current marketing year which ends August 31 and 600,000 tonnes for shipment in the following year.

 

The 1.365 million tonnes of corn booked by China was its largest single-day purchase in 25-1/2 years, behind only a 1.45-million-tonne purchase in December 1994, according to USDA data.

 

China also booked deals for 130,000 tonnes of US hard red winter wheat and 190,000 tonnes of US hard red spring wheat, the USDA said.

 

In the Phase 1 trade deal signed with the US in January, Beijing agreed to buy US$80 billion of US agricultural products over the next two years.

 

China on Friday increased its corn and soybean import forecasts for the current season, as the country was expected to step up purchases from the US.