China purchased 1.472 mmt of corn, one of the biggest purchases in this market. It is beginning to feel like the 1970's when Russia needed wheat. Exports shot up and many were caught off-guard by the purchases.
China has moved from a corn exporter to an importer. China is one of the largest growers of corn, representing 20%+ of the total. If China has a problem, there will be a spike in corn pries.There is an expectation that they will increase corn production by over 17% but any shortfall will not allow it to meet consumer demand.
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