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China buys more U.S. corn
The USDA says China bought 800,000 tons of U.S. corn for delivery during the current marketing year.
That is the fourth day in a row with an announced sale for a running total of 3.876 million tons and comes despite reports China is reducing the amount of corn and soybean meal in some livestock feed rations because of tight domestic supplies and high prices. U.S. cash and futures prices for corn are roughly $5 below China’s domestic prices.
Until this week, there had been no announced sales of any U.S. commodity to China since January 29th. These recent sales could still be canceled ahead of delivery. The current marketing year for corn runs through the end of August.
The USDA’s next set of supply and demand numbers is out April 9th.
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