China made one of its biggest purchases of corn in U.S. history, a sign that its buying spree of grain off of world markets isn’t over, reports Bloomberg.
The Asian country bought 1.36 million metric tons for the marketing year that begins Sept. 1, according to the U.S. Department of Agriculture.
Chinese buying has been a key factor in driving global grain prices to multiyear highs. Bloomberg reported earlier that China purchased corn for shipment in the fourth quarter.
Bad weather, especially the drought that’s currently threatening Brazil’s corn crop, is also adding to worries that a supply crunch is coming.
