China is set to exceed for a second year a corn-buying quota set by the World Trade Organization as the Asian nation embarks on its biggest-ever American buying spree, according to people familiar with the matter, reports Bloomberg.
The Asian nation bought almost 6 million metric tons of U.S. corn last week, its biggest weekly purchase ever, data from the U.S. Department of Agriculture showed.
China will pick up another 2 million tons in this round of purchases, taking it over the WTO quota, said the people, who asked not to be identified because the information isn’t public.
China is scooping up American crops to feed a hog herd that’s recovering from a deadly pig disease faster than most traders expected.