U.S. farmers were happy this week with word that China had bought significant quantities of their corn. However, it involves a slight bit of substitution. Loss Leader U.S. farmers were happy this week with word that China had bought significant quantities of their corn. However, it involves a slight bit of substitution in that the Middle Kingdom has exported an admittedly small amount of corn to a key American market, Japan. China’s corn export volume is dwarfed by its imports at this juncture, but that could change. The shipment proves that at least some of its huge overhanging stocks are of high enough quality for a picky customer like Japan. Since Beijing would like to export more of the nation’s overabundance, this sale may persuade o...