Date :3 December 2020

Changes in forecasts regarding corn and soybean imports by China

China is expected to increase its corn imports during the 2020-2021 crop year.

Experts estimate that the country will buy and import more than 14 million tons more corn during the current crop year.

It seems that with the victory of Joe Biden in the US elections, the relations between the two countries will gradually deteriorate and the US will have a greater share in the import of this product to China. Some experts believe that Ukraine, along with the United States, will play a major role in its corn supply.

On the other hand, the Chinese, who had increased their soybean imports during the COVID-19 pandemic, reduced their imports to 3 million tonnes in the current crop season.

Economic commentators believe that this decrease in purchases may be due to the prediction of a decrease in the purchase of animal protein in this country.

Estimates suggest that China’s soybean production, which had previously declined due to the storm, will increase by more than a million tonnes from last year.

It should be noted that economists announced the possibility of changing many of the predictions made following the continued outbreak of COVID-19.

 

Read more:

A Significant Decline In World Corn And Soybean Production

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Increase in soybean production by Brazil in the 2020/21 crop year

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