China splurges on US corn

A sharp fall in export values has sparked China into a buying spree of US corn, taking advantage of much-improved import margins and replenishing depleted stockpiles. The flurry of purchases comes despite the renewed political tensions that have dogged the relationship between the US and China in recent times. China is notorious for swooping in and buying up commodities following significant price drops, but a combination of factors have swayed the pendulum in favour of the US this month. A halt to Brazilian supply as new-crop soybeans dominate the export pathway, uncertainty about exports from rival supplier Ukraine while the grain corridor was renegotiated, a crop disaster in Argentina, and improved navigation conditions along the Mississippi River all reportedly contributed to making US supply an attractive option for Chinese buyers. The latest flash sale of 204,000 tonnes, announced by the United States Department of Agriculture last Friday, was the eighth confirmed deal in ...