News

China cancels large purchases of Ukrainian corn

Wheat
China
Market & Price Trends
Published Apr 12, 2024

Tridge summary

Recently, Chinese buyers have canceled shipments of Ukrainian feed corn, amounting to approximately 300,000 tonnes across up to five Panamax vessel cargoes scheduled for April/May. This action is part of China's broader strategy to support local farmers by limiting corn imports amid low domestic prices. The cancellations, which have occurred mostly in the last two weeks, also extend to Australian and American wheat, indicating China's reluctance to import grain due to full warehouses, decreased consumption, and slow economic growth. Ukraine, a key corn supplier to China, faces significant export challenges as a result.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

kyiv/HAMBURG, April 11 (Reuters) - Chinese buyers have canceled shipments of Ukrainian feed corn of several hundred thousand metric tons, traders reported on Thursday. Exact volumes were unclear, but some traders spoke of some 300,000 tonnes canceled in up to five cargoes of Panamax vessels that had been previously purchased for shipment in April/May. Most of the cancellations occurred in the last two weeks, according to operators. Panamax shipments from China to Ukraine are typically around 60,000 metric tons. A German trader, who spoke on condition of anonymity, said it was understood China was trying to limit corn imports to support its farmers "in the face of the current low prices." Ukraine is one of China's main suppliers of corn. In total, Ukraine could export 600,000 tons of corn to the Asian giant in April and 400,000 tons in May, Ukrainian intermediaries reported on Wednesday. A Ukrainian source familiar with the matter said Chinese consumption was falling at a time when ...
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