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China Imports of Major Feed Grains at Record for Oct-May period

13.07.2024 10:15 "Agro Perspectiva" (Kyiv) — Between October-May 2023/241, China imported a cumulative 37.8 million tons of corn, sorghum, and barley, setting a record for the period and nearly doubling the volume imported for the same period in the previous year. Large imports are primarily driven by a current significant discount for imported feed

grains, particularly at South China ports, despite large domestic corn supplies. FAS/Beijing reports imported Brazilian corn at $285/ton, versus $348/ton for local China corn as of late June 20242.

Corn imports reached 20.7 million tons Oct-May 2024, with 14.8 million tons sourced from Brazil. Brazil’s competitive advantage stems from a bountiful harvest, as well as seasonal timing that makes Brazil corn a highly competitive origin for China buyers. Most of the remaining 5.9 million tons came from the United States and Ukraine. Imports from Ukraine, at 3.2 million tons, were lower than last year due to ongoing disruptions from the war. The United States exported 2.1 million tons, the lowest volume since 2019/20, despite competitive U.S. prices. China has also purchased corn this year from Burma, Russia, South Africa, and Bulgaria.

Barley imports soared to 11.7 million tons, surpassing all previous records, while sorghum imports reached 5.2 million tons — the highest for the period since 2015/16. Imports of sorghum and barley are attractive as they are not restricted by a tariff-rate quota (TRQ).

Also sorghum and barley imports tend to be economical relative to the price of China’s domestic corn, encouraging purchases from private importers.

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