30.
07.20
15:10

USDA Announces Largest Daily Corn Deal With China

As political tensions between governments in Washington and Beijing increase, traders are rushing to sell as much of the US agricultural commodity to China. Who knows how long that will last.
Today, the USDA announced that private exporters have sold 1.937 million tons of US corn to buyers in China. The delivery should take place in the business year 2020/21. Such a large amount has not yet been confirmed in a single store. The previous record of 1.762 million tons was set two weeks ago.
For the week ending July 23, the USDA also reported that 1.925 million tons of US soybeans were sold to China. The largest weekly amount since November 17, 2016.
However, analysts also calculated today that despite the huge purchases, China could hardly keep its promises from the phase 1 deal in January.
Today’s corn closing alone is worth $ 325 million. From January to May 2020, China bought $ 6 billion of US agricultural commodities. That was just 9.1% more than in the same period last year. And 31% less than in 2017.
China accuses the US of starting a new cold war ahead of the November presidential election. Secretary of State Mike Pompeo today called the Chinese Communist Party "the greatest danger in our time".
Today's large maize deal supports the prices of the CBoT corn futures, while all other agricultural futures at the CBoT are under pressure.

Source
Hansa Terminhandel GmbH
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