China bought Ukrainian corn amid falling prices

Over the past two weeks, China has purchased more than 20 batches of feed grain on the international market, taking advantage of a drop in prices to a three-year low, Bloomberg reports, citing market sources. Beijing bought 1.2 million tons of corn, sorghum and barley from suppliers including Ukraine and the United States. The average lot was 60,000 tonnes, according to the source. The buying frenzy came amid rising prices in China, while benchmark corn futures in Chicago fell to their lowest level since 2020, weighed down by heavy supplies from top exporters Brazil and the US . The widening gap between local and international markets has made shopping attractive. China has purchased at least 10 cargoes of Ukrainian corn, mostly for delivery between March and May, as well as five cargoes of American sorghum and six batches of barley of various origins for a similar delivery. Prices in China rose as Beijing stepped up stockpiling of grain for state reserves to prop up the market ...