19.
08.20
07:41

High corn prices in China

Since corn prices are very high in China, a lot of corn is imported from the USA. Yesterday the USDA reported another sale of 195,000 tons.
Obviously, the pig herds in China are recovering faster than expected from the ASF crisis (ASF = African Swine Fever), which has lasted for two years and which killed up to 50% of the national pig herd. There is more demand for food.
The poultry farmers have also used this situation to gain more market shares in meat consumption.
China's corn stocks have now shrunk so much that prices in the country have risen for months and are now stagnating at a high level. Up until a year ago, there were complaints of excessive corn stocks in state warehouses in China, some of which threatened to spoil.
Half a year after the conclusion of a trade agreement between the USA and China, in which China promised to buy significantly more US agricultural commodities, the amount to be decreased is still well below the promises. For a few weeks now, despite the political tensions between the two superpowers, deliveries have been increasing noticeably, which in the meantime has spurred the stock exchange prices in Chicago.

Source
Hansa Terminhandel GmbH
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