China’s Corn-Buying Binge May Fall Short as Bumper Harvest Looms
- Purchases will likely miss USDA’s forecast of 26m tons: StoneX
- Local corn prices have fallen, making imports less attractive
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China’s record corn-buying spree -- a cornerstone of its trade deal with the U.S. -- may be running out of steam, with risks growing that imports by the top buyer will fall short of U.S. official estimates.
The domestic harvest season is looming and China is expecting a bumper crop after farmers sharply boosted corn planting this year. This is already starting to weigh on Chinese corn prices, narrowing the gap with overseas prices and hurting the attractiveness of imports, according to traders and analysts.