Japan buys European Corn as substitute for US grain

The world's largest corn importer Japan has made its largest purchase of European grain in at least a decade. 800,000 tons was brought from the Ukraine after it had removed tax on exports last month. The purchase was made as an cheap alternative to the US supply. “Japan joined other Asian buyers in finding cheaper alternatives to US corn in feed as the American supply became too expensive,” Takaki Shigemoto, a commodity analyst at research company JSC Corp in Tokyo, said today by phone. “A shift in demand will drag Chicago futures toward US$6 (€4.459).” Read more ...