Price slump prompts importers to boost purchases of U.S. crops
Lower oilseed and grain prices have prompted a surge of overseas buying of U.S. crops. Corn prices have fallen to a three-year low amidst better than expected harvest reports. Recently, the U.S. Department of Agriculture (USDA) reported net corn sales of 1.3 million metric tons (51.2 million bushels). The bulk of the new sales are destined for unknown destinations, accounting for 428,000 tons (16.8 million bushels) of corn. Most of the rest of the purchases were sold to China, Japan and Mexico.
Couple that with last week’s announcement of more than 4.5 million tons (177.2 million bushels) of new corn sales during the weeks of Oct. 10, 17 and 24, and one can easily get a pulse for international demand at these prices, the U.S. Grains Council said...
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