A recent report by the government of the US has unveiled that though, overall sales of corn have not realized a major rise. A fall in price of the corn last week made the nation realize a five-week high in its export sales.
It is being said that the purchases were miserable since long. The reason behind the same was the worst drought ever realized by the US in a period of 56 years. Yes! The drought only had made the prices to sky-rocket, while destroying the crop in the largest producer and exporter of the world.
The sky-touching prices were making importers to part their demands and move on to other suppliers of the corn crop. Since, they could get it at lower prices from them unlike the prices in the US at its highest in the last month.
The report finds that net export sales of soybean were also low because of their high prices as well as forward-booking of these by importers. Chief strategist at Allendale Inc. was quoted as saying, "A lot of buyers, particularly China, have been holding on the sidelines waiting for corn prices to fall. They're also looking at feed wheat”.
But, the recent dip in price attracted more regular customers, thus boosting the demand of the corn.
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