China Buying U.S. Corn

For the first time in three years China has reportedly said it will acquire corn from the U.S., and corn prices rose in response, increasing by 10 cents for the week.

Confirmation of the assertion China is buying U.S. corn has yet to be made, which says China has acquired 4 to 5 cargos of corn for June-July shipment.

If that's found to be true, it could offer some support for corn going forward.

Other important news in the corn market was the release of the corn planting progress report, which revealed 50 percent of the crop has been planted, and 7 percent so far has broken ground.

Corn Products International (NYSE:CPO) Earnings Rise

Corn Products International (NYSE:CPO) enjoyed a solid first quarter as all markets the company serves were up.

Sales were up 12 percent while the North American market increased revenue from $531 million last year during the same quarter to $541 million this quarter, a gain of 2 percent.

Profits in the quarter grew from $16.8 million, or 22 cents a share last year, to $43.4 million, or 57 cents a share the first quarter.

Currency exchange rates helped the company offset price/product drops of 13 percent.

Archer Daniels Midland (NYSE:ADM) To Grow Through Acquisitions

According to Archer Daniels Midland (NYSE:ADM), they've maintained a strong balance sheet in order to be ready for opportunities for a merger or acquisition, their preferred means of growth in the near future.

ADM has been struggling, as their recent quarterly report shows, with sweeteners and starches falling in price, and ethanol and corn syrup expected to continue dropping in price as well.

This is why they are focusing on growth through acquisition, as organic growth looks like it won't be happening until demand turns around.