Corn futures rose 0.3% to US$3.7825 a bushel, a two-month high largely a result of increasing demand from China, Bloomberg reported. China is the world’s second biggest consumer of corn in the world. The state-owned COFCO bought 300,000 metric tons of US corn on Tuesday, while the US Department of Agriculture also announced on April 28 that China purchased 115,000 tons for delivery from the US in the year ending August 31. Corn futures on the Chicago Board of Trade reached as high as US$3.85 a bushel on Wednesday, the highest level for a most-active contract since March 5. Though the commodity has dropped 8.7% this year, demand from China has improved the outlook. Adverse weather has delayed planting in China’s main corn production areas, leading to speculation that the country will buy more U.S. corn, said Mike Zuzolo, president of Global Analytics and Consulting.
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