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China makes significant purchase of US corn
Mar. 26, 2019
Agri-Pulse reports:
Rumors that China would make a significant corn purchase finally panned out last Friday when the USDA announced an export sale of 300,000 metric tons to Chinese buyers. Chinese corn imports from the U.S. have dropped sharply over the past five years and a purchase this size during the trade war is a very good sign, according to the U.S. Grains Council.
The Chinese corn purchase "is very welcome news for U.S. agriculture, and we see it as a positive sign for the U.S.-China relationship as intense negotiations continue," the Council said in a statement. "The outcome of these talks is crucial to U.S. grains and ethanol, and we appreciate continued engagement by our negotiators and their counterparts in China."
But keep in mind: President Trump said last week he wants to leave his tariffs in place on China even if the two countries reach an agreement. That brings up the potential for the tariffs to remain indefinitely, blocking U.S. exports of everything from oranges to wheat.
"How's this play out?" USGC President and CEO Tom Sleight said in an interview with Agri-Pulse. "Will China reduce tariffs unilaterally? I don't know that they will."
Source: Agri-Pulse
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