Rumors surface that Smithfield may have bought corn from Argentina

Chinese-owned Smithfield may have bought up some corn from South America.

Sources in Argentina report three trades happened this week, that’s between 5 and 15 cents in the July contract. These purchases could be loading in July and shipped to the East Coast.

If true, it would show a frantic search for alternative origins amid surging global prices. Traders fear Argentina’s prices could fall behind.