China Buys Most Corn in Ten Years in June
China’s corn imports for the month of June more than doubled, reaching their highest level in at least a decade, as China increased its purchases prior to a U.S. price jump of 18% at the end of the month due to deteriorating U.S. crop conditions.
China’s corn shipments in June increased to 872,928 tons – up from 404,102 in May, according to figures from the General Administration of Customs, marking the highest level of imports since 2005 according to Bloomberg.
In general, China, the world’s second biggest corn producer and consumer, has increased its purchase of grains in recent months due to low international prices, using nearly all of the country’s import quota for the second quarter.
“Chinese companies purchased corn from overseas aggressively as domestic corn is more expensive,” said Nobuyuki Chino, president of Continental Rice Corp. in Tokyo. “The Chinese government is eager to sell corn from state stockpiles, but as its quality is not good and price is high, they have difficulty finding enough buyers.”