China is set to import more U.S. corn, with volumes for next year seen hitting the top end of market expectations and squeezing global grains prices, reportsBloomberg.
State-owned food titan Cofco Corp. has sold 10 million tons to domestic private mills and will probably boost purchases from the U.S. even further, according to people familiar with the matter.
This could put China’s total imports of the American crop on track to hit 30 million tons next year, the people estimated.
The purchases -- which are in addition to China’s annual corn import quotas -- could drive up Chicago futures that are already trading near their highest since July last year.
