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MARKET ANALYST SAYS CHINA'S LARGE CORN BUY MAY BE JUST A START
by Tyne Morgan, AgWeb.com

China came in with a major buy to start the week. USDA confirmed in its daily export sales report that Beijing purchased 1.084 million tonnes of U.S. corn marking the biggest buy since May of 2021.

Of the 1.084 million tonnes China purchased, 676,000 is old crop. Another 408,000 is for new crop. Samuel Hudson of CornBelt Marketing says the purchase had been rumored, but the big Monday buy still caught traders by surprise. And he thinks it could be just the start.

"I think the market was a little taken back by it in the sense that we've been talking about the situation for Ukraine, you're coming out of a weekend, but the purchase has been rumored for 30 or 45 days about China potentially doing some foreign business," says Hudson.

"Given the timing, I think a lot of people suspect that this could be just the beginning of a trend potentially, with them trying to fill some of the last Black Sea supplies due the Ukrainian conflict."

To read the entire report click here.


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