Market eyes China’s purchases of U.S. corn

An ag economist says China’s recent purchases of U.S. corn is a good sign for the market.

Greg McBride is Director of Brokerage with Allendale.

“This is exactly what turned that market at the beginning of March was the idea that China was coming in and kicking the tires on trying to buy some corn,” he said.

USDA says China has bought corn from the U.S. four consecutive days with a running total of more than 2 million tons.

McBride tells Brownfield this could signal some sustained sales moving forward.

“This gives us some optimism as we go into the end of March with the acreage report,” he said, “and we start to look at what this could mean to beginning stocks for next year’s crop.”

But he says China has made some advanced purchases of Brazil’s second corn crop.

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