The Foreign Agriculture Service of the USDA released information Wednesday regarding large purchases of U.S. corn headed for China and "unknown destinations.""
Since private exporters are required to tell the USDA of their product movement, an export sale of 262,500 metric tons to be delivered in China was reported.
Of the total amount, 90,000 tons of China's purchase is for delivery during the 2011/2012 marketing year and 172,500 tons is for delivery during the 2012/2013 marketing year, according to the USDA.
Also, an export sale of 420,000 metric tons of U.S. corn to unknown destinations during the 2012/2013 marketing year was reported.
When asked if the 420,000 metric tons of U.S. corn was headed to China for export, Pam Hopkins, an Agricultural Marketing Specialist for the USDA told RTTNews, "There's always that possibility, but we don't know for sure."
"They don't have to tell us until they actually make the sale, it's on their weekly report," Hopkins told RTTNews on Wednesday.
The U.S. corn marketing year began on September 1, 2011.
Meanwhile, U.S. corn futures for May closed at $6.11 a bushel, which was down $0.72 cents from Tuesday's price.
by RTT Staff Writer
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