China is looking for a substitute for corn from Ukraine and the USA
Maize (Corn)
China
Brazil
Published Oct 19, 2022
Tridge summary
China plans to start importing corn from Brazil as early as December, as part of a plan to reduce dependence on the US and replace supplies from Ukraine. Bloomberg writes about this with reference to sources in the market. As noted, about 45 enterprises belonging to the world's leading companies (Bunge, Cargill, Archer-Daniels-Midland) received preliminary approval to export from Brazil to China. This number will increase due to the large number of requests.
Original content
China plans to start importing corn from Brazil as early as December, as part of a plan to reduce dependence on the US and replace supplies from Ukraine. Bloomberg writes about it with reference to sources in the market. As noted, about 45 enterprises belonging to the world's leading companies (Bunge, Cargill, Archer-Daniels-Midland) received preliminary approval to export from Brazil to China. This number will increase due to the large number of requests. “China is taking steps to accelerate imports of Brazilian corn, diversifying supplies at a time when the war in Ukraine has disrupted trade and tensions with the US are high. A more than 20% rise in Chicago corn futures in less than three months, coupled with a sharp rise in the US dollar, has intensified the need to find alternative cargoes. China is also restricting the export of corn starch in a sign that the country is concerned about domestic supply," experts explain. It is clarified that Brazil is the world's second ...
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