China is scooping up supplies of U.S. white wheat to feed livestock, pushing export forecasts for the grain usually used to make sponge cakes and noodles to a 27-year-high, reports Reuters.
China has booked more U.S. white wheat this year than any country besides the Philippines, the top buyer of the grain.
While the wheat has been cheaper than corn in China, where feed grains are in high demand, it is earning U.S. farmers a premium.
The booming export market for white wheat has sent cash prices at the Portland, OR, export hub hovering around $7.50/bushel, up about $2 or 35% from July post harvest.
