China estimated to import 7 million metric tons of corn

Exports of U.S. soybeans to China started off the new marketing year strong and the latest USDA weekly sales data shows the pace of trade is heating up.

The latest USDA report shows the U.S. shipped more than 1 million tons of soybeans to China in the first full week of the marketing year, but U.S. corn and sorghum sales and exports to China are also strong.

China purchased nearly 360,000 tons of U.S. corn. One economist says that the U.S. could see a record corn crop at home.

Bill Tierney, the chief economist for AgResource, states, “The USDA thinks China’s imports are going to be. They said that there are going to be 7 million metric tons, that’s the same as last year’s 7 million metric tons, and it is a record large number. So, the most that China has bought from all sources has been 7 million metric tons. On the same day that USDA released their supply and demand estimates, last Friday, the Chinese government released their supply-demand projections, now they are estimating that China’s corn imports will be 7 million metric tons.”

The data also shows China sold more than 120,000 tons of sorghum and more than 50,000 tons of pork.

China buys record amounts of crude oil and more soybeans.

August 17th update on ag purchases by China.