China books biggest deal for U.S. corn since May 2021 By Reuters

© Reuters. A load of corn is poured from a truck right into a grain silo on the Nething’s household farm in Ravenna, Ohio, U.S., October 11, 2021. REUTERS/Dane Rhys

CHICAGO (Reuters) – Chinese language patrons purchased 1.084 million tonnes of U.S. corn, their biggest buy of U.S. grain since May 2021, the U.S. authorities stated on Monday.

The deal comes as shipments from Ukraine, the world’s fourth biggest exporter of corn, are snarled following Russia’s invasion. China had been a giant purchaser of Ukrainian corn and the preventing, which additionally has disrupted spring planting season, has created uncertainty about their reliability as a provider.

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The U.S. Agriculture Division stated that the deal was for 676,000 tonnes of corn to be delivered within the 2021/22 advertising and marketing 12 months that ends Aug. 31 and for 408,000 tonnes to be delivered in 2022/23.

USDA stated final week that U.S. farmers plan to chop their corn plantings this spring regardless of the robust international demand, with excessive costs for inputs corresponding to gas and fertilizer reducing into potential income for rising the yellow grain.

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