The USDA World Markets and Trade report has lowered its forecast for China's corn imports in the 2024/25 season to 10.0 million tons, a decrease of 3.0 million tons from the previous prediction, and the lowest volume since 2019/20. This reduction is attributed to policy interventions to support declining domestic corn prices and weaker consumption, particularly in the livestock sector. Factors such as weaker income growth and declining home prices have led to a decrease in disposable income and demand for corn and meat products. Despite efforts to support domestic prices through reduced imports, corn price declines have continued, with the fourth quarter producer price index for corn falling by over 16% year over year.