SHANGHAI, CHINA — China recently made its largest purchase of US corn in more than 20 years and its second biggest ever, Bloomberg reported.
The US sold 1.365 million tonnes of corn to China, according to a July 10 statement from the US Department of Agriculture. According to USDA data, it was the biggest daily sale since 1994.
With the purchase, China is closer to passing its World Trade Organization target for imports of 7.2 million tonnes of corn and helps toward fulfilling phase one of its trade agreement with the US.
China has pledged to increase its purchases of US agricultural commodities to $36.5 billion, up from $24 billion in 2017.
About 765,000 tonnes of the corn is for delivery this year and the rest is for 2020-21. China also purchased 190,000 tonnes of hard red spring wheat and 130,000 tonnes of hard red winter wheat for delivery next season.
