China May Cancel More US Corn in Shift to Cheaper Brazil Cargoes
- Brazil is set to pass the US as world’s biggest exporter
- Wheat in key Chinese growing region cheaper than corn
A corn harvest in Leland, Mississippi, US.
Photographer: Rory Doyle/BloombergThis article is for subscribers only.
Top corn importer China could cancel more purchases of the grain from the US because the country can buy more cheaply from Brazil and as some local producers of hog feed replace corn with wheat in their rations.
Corn futures in Chicago have come under pressure from Chinese cancellations of 832,000 tons in the past three weeks. Increased competition from Brazil is underscored by forecasts for it to pass the US as the top exporter this year.