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China Makes Largest Wheat Purchase in Years

China booked its largest purchase of U.S. wheat since at least 2020, buying 440,000 metric tons of the grain, the U.S. Department of Agriculture confirmed on Monday. The sale comes after China's 2023 wheat crop suffered quality issues after heavy rain hit key growing areas just ahead of the harvest, analysts said. The sales also provide a welcome shot in the arm for lagging U.S. wheat exports, which the USDA has projected will fall to a 52-year low in the 2023/24 marketing year that began June 1.

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