The top importer of the crop is turning to Brazil
Major US corn buyer China has been reducing imports from the country due to weak demand and cheaper supplies from Brazil, Bloomberg reported on Friday.
Chinese buyers have reportedly canceled 832,000 tons of US corn orders in the past three weeks, while ramping up purchases from fellow BRICS member Brazil, which is projected to pass the US as the top exporter this year.
According to the report, citing traders, US corn is now less competitive, with supplies from Brazil around $30 a ton cheaper for delivery in the third quarter. Weak domestic demand for corn as animal feed was also listed among the reasons behind the cancelations.
“Demand for corn is really poor,” Wang Xiaoyang, a senior analyst with Sinolink Futures in one of the top grain-growing provinces, Henan, told Bloomberg. “Feed producers are using a lot of wheat to replace corn as prices keep falling.”
The report indicated that wheat prices are around 180 yuan ($26) a ton cheaper than corn in Henan and may decline further.
Meanwhile, traders and analysts pointed out that struggling hog farmers are seeking to cut feed costs, “so replacing corn with wheat is a natural choice.”
Customs data shows that Chinese corn imports hit a record of over 28 million tons in 2021, before falling to about 21 million tons last year.
READ MORE: Chinese food security push poses threat to US – report
China is reportedly seeking to shift away from its heavy reliance on the US and Ukraine for corn by diversifying suppliers, amid geopolitical uncertainty threatening the country’s food security. This month, China also received its first shipload of feed corn from South Africa, another fellow member of BRICS.......More Below
Mohsen Rezaee, a member of the Expediency Discernment Council, has said preconditions include reparations and security guarantees
For the ongoing conflict between Iran and the US to conclude, the latter must withdraw its military forces from the Persian Gulf, according to a member of the advisory board of Iran’s supreme leader.
Mohsen Rezaee, a retired major general and former commander of the Islamic Revolutionary Guard Corps (IRGC), added that Tehran would also seek full restitution for the damage done and ironclad security guarantees from Washington.
In an interview with Iran’s SNN TV broadcaster published on Saturday, the member of the Expediency Discernment Council said that the “presence of the US in the Persian Gulf has been the main cause of insecurity over the past 50 years.”
“The end of the war is also in our hands,” Rezaee claimed, naming the “US withdrawal from the Persian Gulf” among the key prerequisites. Additionally, Iran expects to receive reparations from the ...
The spokesman for the Khatam al-Anbiya Central Headquarters has accused the United States and Israel of deploying a rebranded copy of Iran’s Shahed-136 drone, designated “Lucas,” to carry out attacks on civilian infrastructure in regional countries as part of a deliberate false-flag operation aimed at framing the Islamic Republic.
In an official statement released today, the spokesman explained that after suffering military setbacks on the battlefield and failing to build political coalitions against Iran, the enemy has resorted to deception.
The statement specifically warned that the objective of these operations is to “create doubt and accuse the Islamic Republic of Iran” while sowing discord between Tehran and its neighbors, thereby undermining the legitimacy of Iran’s defensive actions.
The spokesman pointed to a series of “suspicious attacks” in recent days on facilities in friendly neighboring countries, including Turkey, Kuwait, and Iraq, which Western media outlets and hostile ...
The Islamic Revolution Guards Corps (IRGC) has announced the execution of the 51st wave of Operation True Promise 4, launching missile strikes against US military installations across the region in retaliation for ongoing American-Israeli aggression against the country.
The IRGC announced the latest wave was carried out using a combination of liquid-fuel and solid-fuel missiles against US terrorist army forces at the Al Kharj Air Base in Saudi Arabia.
According to the IRGC statement, Al Kharj base served as the "origin of aggressions against the Islamic homeland," functioning as the staging ground for US F-35 and F-16 fighter jets involved in attacks on Iran.
The base also houses fuel supply aircraft and serves as the main hub for American AWACS surveillance planes.
Concurrently, the spokesman for the Khatam al-Anbiya Central Headquarters confirmed that the fiftieth wave of the operation struck multiple US terrorist army bases.
They include the Al Dhafra Air Base and Fujairah in the UAE, Jufair in ...
