China took another step toward meeting agricultural commitments made in the phase one trade agreement with the U.S. with its biggest-ever purchase of American corn.
The U.S. Department of Agriculture said Thursday that exporters sold 1.937 million metric tons of corn, the third-largest deal for the grain ever. This purchase tops the previous record sale to China earlier this month, when 1.762 million tons were booked.
China agreed to buy $36.5 billion in agricultural commodities this year from the U.S. as part of a trade accord, up from $24 billion in 2017.
The sale is for delivery in the 2020/2021 marketing year, which begins Sept. 1. Corn futures for December rose as much as 1% to $3.295 a bushel on the Chicago Board of Trade, snapping a four-day losing streak.