China halves corn import forecast
China’s agriculture ministry slashed its 2024/25 corn import forecast to 3 million tonnes, the lowest in eight years, citing U.S. tariffs and quotas, Reuters reported. The previous estimate was 7 million tonnes. Despite a trade truce, existing duties persist. Soybean imports were lifted to 104 million tonnes amid stronger crushing margins and demand.
China has cut its forecast for corn imports in the current fiscal year to the lowest in eight years as the trade dispute with the United States weighed on trade volumes, Reuters reported.
In a monthly report, China’s Ministry of Agriculture estimated corn purchases in the current fiscal year (October 2024-September 2025) at 3 million tonnes, well below its previous forecast of 7 million tonnes.
The forecast change is due to current US import quotas and tariffs, the report said.
In March, Beijing imposed tariffs on a range of US agricultural products, including corn, in response to similar measures by Washington. The two countries later reached a trade truce and avoided raising the tariffs, but the previous tariffs remained in place.
According to the US Department of Agriculture, China has not reserved any US corn for the current or next fiscal years.
The Chinese Ministry of Agriculture left its forecast for corn imports in the next fiscal year unchanged at 7 million tons.
The estimate for soybean imports in the current fiscal year was raised to 104 million tons, as the growth in the profitability of its processing led to an increase in demand for imported soybeans.
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Source : Ukr Agro Consult
