U.S. Corn Shipments Soar to a Record Amid Trade Concern, Drought
- Argentina, Brazil crop concerns bolster demand for U.S. grain
- Japan, Mexico lead purchases amid trade turmoil with China
Photographer: Patrick Fallon/Bloomberg
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U.S. corn exports jumped to the highest in at least 23 years amid adverse crop weather in the Americas and the threat of Chinese trade tariffs.
A persistent drought in Argentina has cut grain output, and dry weather into May may curb production of the second-season harvest in Brazil. Cold, wet weather in the next two weeks will crimp U.S. planting, increasing risks that Midwest crops will pollinate during hot weather in July, further reducing prospects for global supplies.