Chinese importers are believed to have made large purchases of Ukrainian corn in the past two weeks, traders in Asia and Europe said. “Importers in China have bought around 10 to 12 Panamax cargoes of Ukrainian corn for November/December shipment,” a Singapore-based trader at an international grains trading company told Reuters.
As of Sept. 21, outstanding sales of U.S. corn to China for 2023-24 stood at only 204,537 MT – 93.1% below last year at that time and 95.7% behind the five-year average. Outstanding sales of U.S. new-crop corn to all destinations totaled 10.510 MMT, down 7.8% from last year and 34.5% behind the five-year average.
A large Chinese domestic corn crop and surging imports from Brazil are set to flood the Chinese market in coming weeks, reducing demand for other grains, Reuters reported.
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