Exports are one of the most important sources of income for farmers in the United States. As crop production increases across the world, exports have been decreasing and putting a strain on the agriculture industry. However, the Chicago Trade Board reported on April 29 that China is looking to increase imports.
Currently China is the second-largest corn producing country in the world. China purchased 115,000 metric tons of corn from the United States so far and more sales are expected in the near future. This is the largest purchase since 2001 according to the United States Department of Agriculture.
Corn production in China is expected to drop due to cold weather and excessive rain pushing behind the planting schedule.
According to business week corn for July delivery increased 0.8 percent up to $3.67 a bushel on the Chicago Board of Trade at 1:14 p.m. in London on April 28. Soybeans and wheat crops have also increased on the board for July deliveries.
Federal Reserve stated interest rates likely to rise. Refinance your farm loan before rates go up. Call a representative by dialing 866-929-5585 or visit us online.