China, the world’s largest importer of soybeans and cotton, is developing an appetite for corn as well as it expands livestock production. Exporters reported sales totaling 3.74 million tonnes of U.S. corn to China in three days this week, including 1.7 million tonnes on Thursday.
The USDA forecasts China will import 17.5 million tonnes of corn this marketing year, more than double the 7.6 million tonnes of the previous trade year. The U.S. agricultural attache in Beijing, in a report released this week, pegged imports at 22 million tonnes.
“Many industry contacts forecast a 23 million tonne corn deficit in marketing year 2020/21,” wrote the attache. “China’s feed demand will remain robust in MY2020/21 with continued swine restocking and livestock sector growth.”
The United States is the leading corn exporter in the world. Exporters reported sales of 1.36 million tonnes of corn to China on Tuesday and 680,000 tonnes on Wednesday in addition to the 1.7 million tonnes on Thursday.