Far behind on its “phase one” commitments with the United States, China bought 1.76 million tonnes of U.S. corn, its largest purchase ever of American corn and also the largest sale of U.S. corn to any buyer in three decades, said the USDA on Tuesday.
According to Successful Farming, it was the second major corn purchase by Chinese importers in four days.
The newest purchase was worth $232 million, based on futures prices in Chicago. Private exporters also reported the sale of 129,000 tonnes of soybeans worth $42 million to China.
Both transactions call for delivery in the marketing year that opens on September 1.
