China’s Retreat From US Corn Makes It Cheaper for Rest of Asia

China’s shift away from US corn is benefiting other Asian buyers as cheaper American supply flows into the broader market, shaking up competition for the grain used in animal feed and biofuels. South Korea, Japan and Vietnam are among countries that have ramped up their purchases, with the US taking more market share in some places as its footprint in China dwindles. Beijing has sought to diversify its agriculture supply over the past few years after tensions with the first Trump administration fueled food security fears. While US corn has displaced South American cargoes, Brazil is cashing in on China’s diversification plans. Beijing is relying more heavily on the nation’s crops, and President Xi Jinping recently told his counterpart Luiz Inacio Lula da Silva that they should strengthen cooperation in agriculture. China’s purchases of US corn peaked in September 2021 but have trended lower since mid-2022, slumping to the lowest in five years in March. More recently, the slide in ...