“The combination of more mouths to feed with even faster-growing wealth in the world’s most populous nation has made China a magnet for farm goods, especially from the US, which now sells more of its harvest to China than any other country.”
USDA raises its forecast for 2016-17 Brazilian corn output by 5 million tonnes from last month, to a whopping 91.5 million. Argentina’s crop is revised up 1 million from last month to 37.5 million tonnes. That’s a new record high for the two countries, up 34.3% from a year earlier.
—USDA monthly global crop update, released Thursday.