China’s Import Scrutiny Spurs U.S. Corn Cancellations
- Some traders contend China is ‘playing a negotiating game’
- Canceled U.S. cargoes seen totaling less than 1 million tons
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China is clamping down on some corn imports amid concern that overseas purchases have spiraled out of control, prompting several feed mills to cancel their U.S. cargoes.
Chinese customs authorities are restricting imports into free trade zones, which aren’t counted toward an official annual purchase quota, according to people with knowledge of the matter. Total U.S. corn cancellations are estimated to be less than 1 million tons, said two of the people, who asked not to be identified as the matter is private.