It is generally accepted that China has low reserves of corn, as indicated by the Dalian Commodity Exchange prices over recent weeks.  USDA forecasts total imports by China for the 2020/2021 market year at seven million metric tons.  Although China has booked orders for 10.5 million tons through October 15th only 1.7 million tons have been shipped. 

In mid-September, China established a 2021 tariff rate quota for corn at 7.2 million metric tons.  If demand increases as a result of rebuilding the hog herd and increased production of white-feathered broilers, the Government may extend tariff-free import quotas to Government-controlled traders including COFCO.