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China becoming the world’s top corn importer

High demand and a Chinese corn crop damaged by too much rain means China could be the world’s largest importer of corn. Bloomberg reports that China has bought more than 10 million tons of corn from Ukraine and the U.S. this year, with the possibility of importing 20 million tons.

China’s top corn and soybean producing area has been hit by three typhoons in two weeks, flattening crops there. That’s combined with climbing demand from expanding hog production and from processors refining corn for starch and syrup.

The growing corn sales to China have strengthened corn futures here in the U.S. and are helping China meet its trade obligations to the U.S.