China made its largest weekly U.S. beef purchases on record last week, followed by its biggest U.S. corn deals in almost a month this week, according to U.S. Department of Agriculture data released on Thursday.
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China made its second-largest purchase of U.S. pork this week. Rabobank says China will need to continue to source protein from the U.S., as the list of countries able to export is short.
USDA dropped feed usage by 725 million bushels in its August WASDE, and some expect the department to lower feed demand further on Wednesday.
COVID-19, freeze risks, USDA report and government influence on agriculture are all weighing on the markets this week.