Chicago corn futures extended gains on Wednesday to touch a two-week high as a big Chinese purchase of U.S. supplies put attention back on tightening global stockpiles, reports Reuters.
The U.S. Department of Agriculture announced on Tuesday the biggest U.S. corn sale to China since July at 1.36 million tonnes.
Separately, ADM said China had bought about 200 million gallons of U.S. ethanol for the first half of 2021, matching its previous record for annual imports of the corn-based biofuel.
Huge Chinese demand for grains has eroded available supply in the United States and other grain exporters such as Ukraine, making the market nervous about any potential harvest setbacks in South America.
