China Corn Imports At Annual Record On Day 1 Of The New Crop Year



Sal Gilbertie | Forbes

September 1st begins the new crop marketing year for corn and soybeans, and China has already committed to buying more corn this crop year from the US than it was expected to import from all global sources combined.

  • China is aggressively buying corn and other agricultural products; US corn and soybean farmers are benefiting.
  • The USDA projected last month that China would import a record total of 7 million metric tons of corn in the 2020/21 crop year but China has already committed to import over 9 million metric tons from the United States alone.
  • China is also expected to import a record 99 million metric tons (3.6 billion bushels) of soybeans from all global sources in the new crop year.
  • The Chinese have already committed to purchase more soybeans this year from US farmers than they did in all of last year.

China’s food woes could be the main driver behind its record level of corn import purchases in this new crop year for big grains like corn, soybeans and sorghum.

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