According to Reuters, the U.S. Department of Agriculture (USDA) confirmed on Monday, April 5, that China purchased 1.084 million metric tons of U.S. corn, marking their biggest deal since May 2021.
Of the total, 676,000 metric tons is for delivery during the 2021/2022 marketing year and 408,000 metric tons is for delivery during the 2022/2023 marketing year.
The report said that the record-high purchase comes as the Russia-Ukraine war disrupted Ukraine shipments and the spring planting season.
Last week, the Agriculture Department announced its 2022 Prospective Plantings report, which reveals fewer corn acres in planting plans for this year.
According to the report, the corn planted area for all purposes in 2022 is estimated at 89.5 million acres, down 3.87 million acres, or 4 percent, from last year.
Compared with 2021, corn acreage is expected to be down or unchanged in 43 of the 48 estimating states.