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Why is China Suddenly Canceling Purchases of U.S. Corn?


China canceled more corn purchases this week. As China switches to cheaper sources from places like Brazil, it’s putting more focus on a possible demand problem in the U.S. The canceled sales could also inflate the projected corn crop carryout, which is putting pressure on commodity prices.


On Thursday, USDA private exporters reported the cancelation of 233,000 metric tons of old-crop corn, which equates to 9.17 million bushels. The news came on the heels of previous cancellations earlier in the week.


By TYNE MORGAN

April 28, 2023

agweb.com

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