China will import a record amount of grain and oil crops in 2024

Grains, Cereal & Legumes

China

Market & Price Trends

Published Mar 23, 2024

Tridge summary

China is projected to import a record amount of grain and oil crops in 2024 due to a production deficit and low global prices. Despite recent cancellations of some contracts, the pace of imports is expected to increase from April. The country is also set to continue buying high-quality food wheat from Canada, the US, and Australia to blend with its lower quality grain. In the first two months of 2024, China's corn imports rose by 16% and barley imports tripled compared to the same period in 2023.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Against the background of low world prices and a deficit of its own production, China may import a record amount of grain and oil crops in 2024, although it recently canceled deliveries of previously contracted batches, Reuters reports. Market participants expect that the pace of imports will increase already in April, and the total volume of deliveries in 2024 will correspond to last year. According to StoneX, China will continue to buy high-quality food wheat from Canada, the US and Australia to mix with its own grain, which will be of very poor quality due to adverse weather conditions. In January-February, compared ...

Source: Graintrade