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China's Department of Customs (GAAC) revealed this week that the country's corn imports in September from all origins reached 3.53 million tonnes. The volume is the second largest in history and is second only to that shipped in June this year, according to Consultoria AgResource Brasil.
“China’s absence from US corn purchases since April has been a major talking point in the market,” analysts say. But in AgResource's view, there is "nothing to indicate that China's feed grain imports in the 22/23 season will be different from last year's record."
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According to the Consultancy, with the collapse of the harvest season in Brazil and Brazilian sellers opting to keep the grain on the domestic market, the Asian country will be forced to buy corn from the northern hemisphere.
AgResource calculates that China's final corn imports in the international marketing year, which runs from October to September, will reach 29.5 million tonnes in 20/21, an increase of 1.5 million tonnes over the current forecast. USDA.
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The advance of the United States harvest added to a low climate, assesses TF Agroeconomic Consulting. In turn, the International Grains Council slightly raised its projection for world corn production.
“Robust data on external demand provided support. Exports, after the first week, reached 4.46 MT on 10/14. This beats last season's pace at 17%. For corn, the weekly report showed a record commercial year of 262,541 T were sold, mainly to China and unknown destinations”, conclude the TF analysts.
By: Leonardo Gottems | agrolink
