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China Set to Hit Pause Button on U.S. Corn Buying on Weak Market

  • Country will have new crop corn available in September
  • Domestic futures have dropped to lowest level this year
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Photographer: Paul Frangipane/Bloomberg

China is likely to take a break from buying large amounts of U.S. corn after record purchases this year because the domestic harvest is approaching and local prices have slumped to the cheapest since late 2020.

The world’s largest importer has already bought more than 10.5 million tons of U.S. corn for the 2021-22 marketing year, and over 23 million tons for the current season, U.S. Department of Agriculture data show. Total imports next year will likely be 20 million tons, according to the USDA’s Foreign Agricultural Service, while the USDA’s official forecast for this year is 26 million tons.