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Globe Live Media, Tuesday, January 26, 2021
Chinese buyers bought 1.36 million tonnes of corn from the United States, their fifth largest acquisition of the grain from that source, the US Department of Agriculture reported Tuesday.
The deal marks China’s first major purchase of American commodities since President Joe Biden took office. Under President Donald Trump, exports to Beijing slowed for years due to a trade war before increasing in 2020 after the countries signed a phase 1 trade deal.
It was the largest corn sale announced by the USDA since July, when Chinese buyers made deals to purchase 1.937 million tons of corn.
Corn prices soared after the announcement and the most active contract on the Chicago Stock Exchange rose 3.1%.
The USDA also said that private exporters reported the sale of 102,800 tons of corn to unknown destinations.
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