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U.S. corn imports to China surge

For the week ending March 24, China bought 204,000 tonnes of American corn, its eighth confirmed purchase in the past nine business days.

PEXELS
PEXELS

Falling prices have sparked a flurry of Chinese purchases of U.S. corn, as the world’s top buyer of the grain scrambles to make up for a slow start to its import program, traders and analysts said.

According to Reuters, the latest deal, announced by the U.S. Department of Agriculture (USDA) on March 24, saw China buying 204,000 tonnes of American corn, its eighth confirmed purchase in the past nine business days.

U.S. corn futures fell 7.3% during February and hit a seven-month low on March 10, before China began its buying spree.

The price drop, combined with uncertainty about exports from Ukraine and improved shipping conditions along the Mississippi River, made U.S. supplies the most attractive to Chinese buyers.

Export sales of U.S. corn to China totaled 2.245 million tonnes in the week ended March 16, the third biggest weekly total on record, USDA data show. Since then, Chinese buyers have booked deals for another 832,000 tonnes of corn.

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