Tuesday, October 3, 2023
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

Scorpio Tankers takes options to buy back over 20 ships

In a relevant SEC filing, Scorpio Tankers announced extensive vessel repurchases via sale and leaseback arrangements, including for the 2016-built LR2 product tanker STI...

TOP Ships Announces Reverse Stock Split

TOP Ships announced that it has determined to effect a 1-for-12 reverse stock split of the Company’s issued common shares. The Company’s shareholders approved the...

Carnival Earnings Outlook Misses While Fuel Costs Near 15-Year High

Carnival Corp. posted a profit for the first time since 2020 but issued a fourth quarter earnings outlook that missed Wall Streets’ expectations as...

Sphinx Investment Corp Increases Stake in OceanPal

On September 28, 2023, an OceanPal SEC filing revealed that Sphinx Investment Corp. had raised its ownership in OceanPal, now holding a substantial stake...

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

MSC to buy 50% stake in Italian passenger rail group Italo

Shipping group MSC has entered into a binding agreement to acquire a 50% stake...

Higher capesize rates drive Baltic index higher

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index snaps 4-day winning streak as capesize rates slip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index scales 11-month peak on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index scales over 9-month high on capesize surge

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Ukraine: 5 More Cargo Ships Head For Black Sea Ports – report

Five more ships are on their way to Ukrainian sea ports using a new corridor opened to resume predominantly agricultural exports, an alternative arrangement...

Piraeus Port reports strong H1 2023 results

The Piraeus Port Authority SA, which operates Greece’s biggest and busiest port, reported a 48.8-percent increase in pre-tax earnings for H1 2023 – 49.4...

Greece names Thessaloniki port operator preferred bidder for Volos port

Greece’s privatisation agency has named the operator of Thessaloniki port as the preferred bidder for acquiring a 67% stake in the port of Volos,...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...