Corn Prices Climb As China Commits To Biggest US Ethanol Purchase Ever
By TYNE MORGAN, Ag Web
Corn prices climbed double digits on Tuesday. The market was fueled by news China made its biggest buy of corn in six months.
“53.5 million bushel corn buy all at once is the biggest sale that would have corn that we've had to China's since July,” says Arlan Suderman of Stonex Group. “It’s pretty significant and helps explain why we saw the big run up in prices on Monday with some follow through today.”
More than corn, China hinted at a historic ethanol purchase, committing to buy the most ethanol it’s ever bought in a year, and China says it will do so in the first six months of 2021.