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China Buys Another Large Shipment of U.S. Corn
USAgNet - 03/26/2019

Chinese importers booked their largest U.S. corn purchase in at least five years, the U.S. Department of Agriculture said on Friday. According to Reuters, private exporters sold 300,000 tonnes of the grain for shipment in the 2018/19 marketing year, which ends on Aug. 31.

The grain will be shipped from April to July, traders said. Concerns about widespread flooding in the central United States, and probable logistical challenges shipping grain from the Farm Belt to export markets, likely triggered the purchases, traders and analysts said.

Freight costs for moving grain by barge on the Mississippi River to Gulf Coast export terminals already jumped this week and navigation on some sections of the key shipping waterway are likely to remain restricted as floodwaters flow to the Gulf.

Although China is home to the largest hog herd in the world, it is not a large importer of the livestock feed grain. Beijing had committed to buying only 166,328 tonnes of U.S. corn in the 2018/19 marketing year before Friday's announcement.


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