Market News & Headlines >> China Continues to Snap Up U.S. New-Crop Corn
China has continued to book huge purchases of U.S. corn for 20-21/22 delivery this week and it is unclear when the country's buying spree may end.
USDA on Wednesday morning announced that exporters had sold another 1.36 million metric tons of U.S. corn to China for 2021/22 delivery, the eighth daily sales announcement for China nine market days. Since May 7, USDA has announced sales of U.S. corn to China for 2021/22 totaling 9.52 million metric tons. That’s more than a third of all the corn that China is expected to import from all sources during its next marketing year.
In its May 12 Supply/Demand report, USDA raised its forecast for China’s 2020/21 (October-September) corn imports by 2 million metric tons to a record 26 million and projected 2021/22 imports would hold steady at that level.
Prospects for Brazil’s 2020/21 second-crop corn production to come in well below previous expectations may be helping to fuel the strong advance demand for U.S. new-crop corn.