The U.S. Department of Agriculture Friday confirmed the sale of 35 million bushes of corn to China, somewhat less than the 60 million bushels rumored early in the week but enough to send corn up 10 cents per bushel to $6.48 at the open on the Chicago Board of Trade.
Soybeans were up 16 cents per bushel to $12.73. Hog and cattle prices also were up, maintaining record levels due to strong demand, particularly for exports.
Chinese purchases have been rumored all spring and summer but have been hard to track since the USDA often puts them in the ?unknown destination? category. China is known to prefer to buy when corn prices reach the low $6 per bushel level.
?The trade had been talking about a 1.5 million metric ton sale to the Chinese. But the announcement yesterday was for only 900,000 metric tons with another close to 300,000 metric tons sold to unknown destination, but was presumed to be Chinese business also,? said Des Moines broker Tomm Pfitzenmaier of Summit Commodities.
The overall weekly export figures for week ending Oct. 6 show that since the beginning of the marketing year on Sept. 1 export sales of corn are up 5 percent and soybeans down 14 percent as much of the world?s livestock feeders have switched to cheaper wheat coming out of central Asia.
U.S. beef exports continue strong, running 38 percent ahead of last year for the beef marketing year that began Jan. 1.
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