Sunday, February 5, 2023
spot_img
HomeFoodChina October corn imports decline amid strong domestic production

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

China October corn imports decline amid strong domestic production

China’s corn imports fell month on month in October to 1.303 million mt from 3.5 million mt in September, customs data showed.

October saw the lowest monthly corn imports in 2021. The bulk of imports were from the US with Ukraine only sending 42,278 mt in October.

Total corn imports from January-October were just over 27 million mt with the US selling over 19 million mt during the period and Ukraine selling about 6.3 million mt.

In the last two weeks, Chinese importers were heard to have booked around 500,000 mt of corn for December 2021-March 2022 shipments at $325-$330/mt CFR.

For the new marketing year Oct 2021- Sep 2022, Ukraine is said to have sold over 6 million mt of corn to China, market sources said.

China’s imports slow amid strong harvest

Corn imports slowed in October amid the ongoing harvest of corn in the country and a massive inflow of imports in 2021.

China’s corn output in 2021-22 is seen rising to 270.96 million mt from 260.67 million mt in 2020-21, according to China’s Agriculture Supply and Demand Estimates (Casde), published by the Chinese Agriculture Outlook Committee.

Seasonal harvest pressures will weigh on domestic corn prices until the first quarter of 2022, but further downside potential seems limited, Rabobank said in a report recently.

However, excessive rainfall left a large proportion of corn unsuitable for feed use in northern China and the quality spread is expected to widen, Rabobank said in the report.

China’s weekly corn prices have risen to 2,507 yuan as of Nov. 8 from 2,492 yuan in the previous week.

Source: Platts

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...