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Global Markets: Grains – U.S. Corn, Sorghum Sales to China Bode Well for Exports

Demand
Supply Yield / Stock Quantity
Aug 13, 2020
From Agfax
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For the new-crop, corn sales to the world stand at 10.9 million tons, just shy of tripling the level a year ago and well ahead of the pace seen in recent history. For sorghum, the new crop sales stand at 1.2 million tons, the highest level in 5 years. Strong early season sales do not necessarily lead to greater total exports as numerous variables influence trade dynamics throughout the year. However, large early season sales do give a kickstart to exports in the coming year. Aside from the Phase One agreement and despite overhanging trade tensions, the pace of new crop sales to China ostensibly reflects China’s pressing needs for competitively priced feedstuffs to help meet growing feed demand and cool down domestic prices. For China’s feed mills, fewer options for corn substitutes are available after anti-dumping and countervailing duties (AD/CVD) have been imposed on Australian barley. Barring action by China, the AD/CVD on U.S. distillers’ dried grains remains in place for ...
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