Cofco Buys One More U.S. Corn Cargo, Bringing Total to 14, Executives Say

Cofco Ltd., China’s biggest grain trader, bought one more corn shipment from the U.S., bringing the company’s purchases this year to 14 cargoes, or about 840,000 tons, two executives familiar with the transaction said.

State-owned Cofco bought the shipment on July 9, the people said. The cargo is 60,000 tons with 10 percent variation either side, they said, declining to be identified as the transaction isn’t public.

The cargo is scheduled to arrive in China in September, with optional destinations including Guangdong, Jiangyin near Shanghai, and Shandong. Total corn purchases by China this year may total 1.1 million tons, with the bulk bought by Cofco, they said. A Cofco official declined to comment.

--Feiwen Rong. Editor: James Poole

To contact the reporter on this story: Feiwen Rong in Beijing at frong2@bloomberg.net.

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