News

There is an increasingly serious demand for agricultural imports from China

Grains, Cereal & Legumes
China
Market & Price Trends
Published Apr 11, 2024

Tridge summary

In 2024, China is set to maintain its record levels of grain and oilseed imports, with expenditures reaching approximately 234 billion dollars on agricultural imports from key global suppliers such as the United States, Brazil, Australia, and Canada. This forecast comes despite recent cancellations of contracted quantities, with expectations of a rebound in trade activities driven by lower global prices and domestic production challenges. China's strategy includes importing high-quality wheat to blend with its own lower-quality grain, adversely affected by weather conditions. The initial months of 2024 have already seen a surge in corn and barley imports. As the world's largest soybean purchaser, China's imports are predominantly from Brazil and the United States. The article also touches on Ukraine's grain export figures for 2023, underlining the effects of Russian assaults on its Black Sea and Danube shipping routes.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

China's grain and oilseed imports will remain at record levels in 2024. The Asian giant, which is showing increasing demand, pays about 234 billion dollars for agricultural imports to the United States, Brazil, Australia and Canada, as well as to other suppliers. Market participants expect China's trade activity to pick up and the country's total imports in 2024 to be similar to last year. A grain analyst at StoneX predicts the recovery despite the fact that previously contracted quantities have been canceled in several cases recently, as lower global prices and the loss of domestic production encourage buying. China continues to buy high-quality mill wheat from the US, Canada and Australia to mix with its own grain, the quality of which is expected to be poor in 2024 due to adverse weather conditions, according to the Agriculture Industry article. China also imports from Russia, but the quality of Russian wheat does not always meet the expectations of Chinese buyers. According to ...
Source: Magro
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