Corn makes big moves after China buys U.S. ethanol & corn

Agriculture

I’m Tyne Morgan with Today’s AgDay Minute.

Corn prices surging Tuesday on the announcement China made its biggest purchase of U.S. corn since last summer. The sale adds up to 1.36 million metric tons of corn. That represents the biggest corn buy from China since July. Reuters reporting ADM’s CFO confirmed the country also committed to buying roughly 200-million gallons of U.S. ethanol during the first 6 months of 2021 and that would be the biggest purchase of ethanol ever by China. Together, those buys sent corn futures prices up about 15-cents per bushel higher during the trading session.

President Biden has signed an executive order, aimed at boosting the federal government’s “buy American” rules. It makes it harder for federal officials to obtain waivers to purchase products from overseas. And the National Council of Farm Cooperatives hopes the executive order will lead to oversight of USDA school meal purchases. It’s concerned about the amount of foreign-produced food it says is served in the school lunch and breakfast programs. The NCFC says 81-percent of apple juice served in U-S schools is imported. It also claims up to 60-percent of the fish served in schools is caught by Russian ships and processed in China.

There are roughly 2-million farms in the U.S. And new data from the USDA show “Family” farms account for 96-percent of all U-S farms. Those family operations also account for 87-percent of land in farms and 82-percent of the value of all agriculture products sold. This comes from the 2017 Census of Agriculture.

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