China has made its second largest single day U.S. corn purchase on record according to the U.S. Department of Agriculture. USDA said China bought 765,000 metric tons of corn for shipment in the current marketing year that ends August 31. They also bought 600,000 metric tons for next year. South Dakota Corn Grower’s Association President Doug Noem says he’s pleased they’ve followed through with more of their purchase obligations under the Phase 1 trade deal.
China agreed to buy $80 billion of U.S. agricultural products over the next two years. Noem says he remains hopeful they’ll complete that going forward.
He says the latest purchase improves corn grower’s optimism as they’ve been dealing with large supplies, a depressed ag economy and the coronavirus pandemic.
Besides the latest corn purchase, China also bought 130,000 metric tons of U.S .hard red winter wheat and 190,000 metric tons of U.S. hard red spring wheat.
