Key facts
- China is reportedly price-checking and selectively buying U.S. corn and sorghum.
- Heavy rains have damaged northern China's corn crop.
- A significant quantity of China's domestic corn has become moldy and unusable.
- Domestic corn prices in China are impacted by the crop damage.
Market speculation indicates that China is exploring purchases of U.S. corn and sorghum. This potential buying activity is attributed to significant damage to China's northern corn crop caused by heavy rainfall, leading to mold and making a portion of the harvest unusable. The resulting impact on domestic corn prices is a key factor driving this interest in foreign supplies. Previously, Argentina exported 554,000 tons of corn to China between April and May, with an additional 35,000 tons scheduled for shipment.