China is increasing its corn imports, which may increase the demand for Ukrainian corn

Published Mar 21, 2023

Tridge summary

Since the start of 2023, China has seen a significant increase in corn imports, with a 41% rise in February compared to January, totaling 3.1 million tons. The first two months of the year recorded a 14% increase year-over-year, reaching 5.3 million tons. This surge is anticipated to bolster Ukrainian and American exporters, as the US is currently operating at 37% of its forecasted corn exports, and Ukraine faces challenges in the European market. The situation is further complicated by Russian inspection delays, leading to additional costs for Ukrainian farmers. The rise in Chinese corn imports is expected to intensify competition, with Brazil, India, and Ukraine compensating for the decline in exports from the US and Argentina.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Since the beginning of 2023, China has increased its corn imports, which has added optimism to Ukrainian and American exporters, who are suffering from a decrease in global demand and prices. According to the customs service of the People's Republic of China, in February, compared to January, the import of corn grew by 41% to 3.1 million tons, and in the first two months of the new year, in total, it amounted to 5.3 million tons, which is 14% higher than the corresponding figure last year. In addition, during January-February, China imported: The competition for the Chinese market between the main corn exporters will intensify in the second half of the season. Ukraine needs to sell another 6 million tons of corn, and the European market is already oversaturated, so we can only hope for Chinese buyers who can intensify purchases after the continuation of the grain corridor. Corn exports from the US as of March 16 were only 17.5 million tons, or 37% of the USDA's forecast for this ...

Source: Graintrade