Due to the low price of U.S. corn, China bought up 116,800 metric tons of the grain to be delivered before the end of August, the U.S. Department of Agriculture recently reported.
The corn sales took place earlier in the spring, the news source states. The purchase was only announced on May 26th, though market investors had guessed that China had gotten involved in a transaction for corn - in part because prices for the grain had fallen to their lowest in six weeks.
A report by the U.S. Department of Agriculture on the purchase, as well as lingering doubts about the size of U.S. corn supplies because of inclement weather, pushed corn futures up toward record levels, the media outlet notes.
According to FarmGate blog, a recent USDA crop update said that 79 percent of the corn was planted, approaching the 87 percent mark, which is the average of the past five years during this period of the year. In addition, as a result of cold weather, only 45 percent of U.S. corn plants have come above ground as of May 22nd.
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