Several Chinese animal feed producers are negotiating with their suppliers to sell back U.S. corn cargoes for shipment in 2012–2013 in order to profit from record-high prices, according to reports.
The producers originally bought the corn at prices below $6 per bushel, and current prices are well above that. "We are still talking about washing out the cargoes," said a trade source. "It is good for both sides." The worst U.S. drought in 56 years is hampering potential yields and causing prices to continue climbing.
The producers originally bought the corn at prices below $6 per bushel, and current prices are well above that. "We are still talking about washing out the cargoes," said a trade source. "It is good for both sides." The worst U.S. drought in 56 years is hampering potential yields and causing prices to continue climbing.
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