Chinese feed mills bought 600,000 metric tons of U.S. corn in March, in nine cargoes for delivery starting in October, twice as much corn as they purchased in February. The purchase brings total imports to roughly 900,000 metric tons of corn so far for 2013, according to industry experts.
Corn on the Dalian Commodity Exchange traded at 2,447 yuan per metric ton (about $10 per bushel) at 1:39 p.m. local time on March 13, while grain on the Chicago Board of Trade was at $7.1525 per bushel. Global demand will exceed supply by 13.7 million metric tons in the 2012–2013 season, according to the U.S. Department of Agriculture.
China bought a record 5.23 million metric tons of corn from overseas in the marketing year ended September 30, 2012, and shipments for 2013 are forecast to fall to 2.5 million metric tons, according to the USDA.