Saturday, May 8, 2010

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.

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