[190720.EN.BIZ] China Makes Record US Corn Purchase, Also Buys Tons of Soybeans

CHINA has booked its biggest single-day US corn purchase on record, its second massive deal for the yellow grain in less than a week, as it tries to meet its trade deal commitments even as tensions between Washington and Beijing mount, reports Reuters.

China increased its corn and soybean import forecasts for the current season, as the country was expected to step up purchases from the United States. The US Agriculture Department said that private exporters reported that China bought 1.762 million tons of corn for shipment in the 2020/21 marketing year that begins on September 1.

The sale eclipsed the previous single-day record sale to China of 1.45 million tons of corn, set in December 1994, according to USDA data. The deal follows a sale of 1.365 million tons to China, spread out over two marketing years that the USDA announced on July 10.

China also booked deals to buy 129,000 tons of soybeans in the 2020/21 marketing year.

Source : HKSG.