China is expected to purchase a large amount of U.S. ethanol this year with the expected buy in the next six months expected to be close to 200 million gallons. That follows a huge purchase by the Chinese of U.S. corn earlier this week. Renewable Fuels Association President and CEO Geoff Cooper says if China follows through with this commitment it’ll be great for the U.S. ethanol industry.
He says given all the pressure ethanol plants have been under the past two years having this purchase gives the industry a real needed economic shot in the arm.
Cooper says not only is China an important market for U.S. ethanol, there are also other market opportunities the industry is exploring and optimistic about for 2021.
Earlier this week China purchased 53.5 million bushels of corn from the U.S., it’s biggest buy since last July.
