Corn Is Surging as U.S. Sees China Imports at All-Time High
- Futures soar above $6 a bushel for first time since 2013
- China’s corn imports next year forecast at second highest ever
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Corn prices climbed above $6 a bushel to the loftiest level in almost eight years after the U.S. said it expects China to buy an all-time high amount of the grain off global markets.
A shortage of supplies and a need to replenish hog herds after a major outbreak of deadly African swine fever will continue to fuel China’s appetite for corn imports, with the total for the current season seen at 28 million metric tons, the U.S. Department of Agriculture’s Beijing office said on Wednesday. That would be the most on record based on Bloomberg data going back six decades.