China's corn imports at seven-year low

China's corn imports have dropped significantly, reaching their lowest level in seven years. In January and February, China imported just 180,000 tons of corn. So far in the 2024-25 marketing year, which began in October, total imports stand at 1.07 million tons. The Ministry of Agriculture has revised its forecast for corn purchases to 9 million tons for the entire year. This is less than half of last year's total and a significant cut from an earlier estimate of 13 million tons. In the 2017-18 marketing year, for comparison, China imported 3.5 million tons. Several factors are affecting corn imports. The Chinese economy is sluggish, leading to lower consumption of agricultural products. The government has also instructed traders to limit overseas grain purchases, including corn, to help support domestic prices. Additionally, a 15% tariff on US corn was put in place recently, which is part of China's response to US tariffs on exports. The struggling livestock industry is another factor, which has led to a drop in corn prices. As a result, state stockpilers have had to step in to stabilize the market.