China Turns to U.S. Corn as War Puts Ukraine Supplies at Risk
- Corn surges 3.2% in Chicago, leading gains in crop futures
- Brazil winter-corn harvest seen increasing this year
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China is ramping up corn purchases from the U.S. as Russia’s invasion of Ukraine snarls grain exports and puts spring plantings in doubt, pushing prices higher in Chicago.
The world’s top importer scooped up 200,000 metric tons of corn last week for shipment in the season beginning Sept. 1, U.S. Department of Agriculture data showed Thursday, the most since December. While China was only the fourth-largest buyer for the week, the sale was notable since the Asian country had been purchasing supplies from Ukraine. China was also the leading buyer of U.S. soybeans, picking up more than 800,000 tons.