WASHINGTON, DC – In reaction to the uncertainty in Eastern Europe, China booked its largest purchase of U.S. corn in one year, just shy of 1.1 million metric tons, split between old and new crop deliveries.
According to USDA, the Chinese were also the top destination in the past week for corn shipments helping push exports during the marketing year to over 50 percent of USDA’s forecast total.
At this same point last year, exports were at 56 percent of the USDA forecast, but private analysts believe China will rely more on the United States in the upcoming year as one of their largest suppliers, Ukraine, is tangled in a war with Russia, which is causing concern from buyers in the Black Sea region.
(SOURCE: All Ag News)