China may start importing corn from Brazil as early as December, part of a drive to reduce dependence on the U.S. and replace supplies from Ukraine limited by the Russian invasion, according to Bloomberg. Some 45 facilities owned by companies including Bunge Ltd., Cargill Inc. and Archer-Daniels-Midland Co. have been pre-approved by Brazil to export to China, a list seen by Bloomberg shows. The final total likely will be higher.
China is taking steps to accelerate imports of Brazilian corn, diversifying supply at a time when the war in Ukraine has disrupted trade and tensions with the U.S. are high. Strong U.S. prices compounded by a recent 20-year highs in the dollar, have increased China’s urgency in finding alternative cargoes.
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