China buys $251 million worth of U.S. corn

Private exporters reported the sale of 1.15 million tonnes of U.S. corn for delivery to China by the end of August, said the USDA on Tuesday. The corn, equivalent to 45.3 million bushels, was worth $251 million based on futures prices in Chicago.

It was the largest corn sale to China since one totaling 2.108 million tonnes on Jan. 29. The USDA expects China to buy a record $31.5 billion worth of U.S. farm exports in the fiscal year that ends on Sept. 30, thanks in part to large corn purchases last fall. Sales totaled $17 billion in fiscal 2020, when the trade war was strongest.

With record purchases, China would regain its position as the No. 1 customer for U.S. farm exports. Last year it was third, behind Canada and Mexico. Despite the large volume of recent purchases, China failed to meet the target under the so-called phase one Sino-U.S. trade agreement for imports of $36.6 billion worth of U.S. food, agriculture, and seafood products in 2020. The target this year is $43.5 billion.

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