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Uncertainty Over Corn Imports by China

10/31/2020

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.