Another flash sale of corn to China captured the attention of grain markets on Friday. This time, China bought 800,000 tons of U.S. corn. “They’ve been on a buying spree and are still dealing with high corn prices. They’re also concerned about the delayed planting in Brazil,” said Ben Kasch, market analyst, Bower Trading. “The weather is opening up and there are some rains in Argentina. There are high prices globally for corn. In April, USDA may have no choice but to increase Chinese exports.” Kasch thinks China needs the corn for immediate delivery. “They still have a lot on the books that need shipped, not only corn, but also soybeans.”
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