China's corn export to South Korea by the end of the year may have problems

Introduction: according to foreign news on November 13, according to foreign news on November 13: according to industry figures, with the recent sharp rise in shipping rates, coupled with China's food inventory shortage, some suppliers may have difficulty in fulfilling the Chinese corn export contract finalized with South Korean Buyers at the end of the year A trader at an international firm in Singapore, k8f, said he thought there might be one or two ships of corn that could not be delivered It is said that the suppliers of these cargoes have difficulty in renting the cargo ships when shipping corn, because of the strong demand for iron ore and Oilseeds in China, which drives the shipping rate to rise sharply At present, on the route from China to South Korea, the freight of a Panamanian freighter is about $13 per ton, compared with $7 to $8 two months ago The k8f market is concerned that China's corn supply may be in short supply when suppliers rent the right freighters K8f traders said that if trading companies rent the vessels late, Chinese suppliers may say they can't supply corn cargo because the shipping schedule is much earlier according to the contract K8f, a trader, said that although the businessmen did not appear to be in a hurry, they were sure to feel the pressure By the end of November, they would be in a hurry A trader in Beijing, k8f, agreed, saying some suppliers could resell export contracts to South Korea in December K8f China's corn production is expected to decrease to 113.6 million tons this year, compared with 121.3 million tons last year The decline in corn production and inventory cuts have raised concerns that China may import corn and significantly reduce exports In 2002, the export of corn reached 11.7 million tons There is a rumor in k8f that China has cancelled several corn export contracts with South Korea This rumor caused a large number of speculative buying in CBOT corn futures market on Wednesday afternoon, which led to a sharp rise in corn futures price K8f also reported last week that China cancelled one or two shipments of corn export contracts to Malaysia K8f but others said they had not heard of any problems with the cargo, especially Korean Buyers An official of k8f Korean Feed Association said that our supplier did not raise any questions and we did not have any information The same is true of an official of the feed company of the Agricultural Association K8f South Korea is China's largest corn export market In 2002, China imported more than 50% of China's total corn exports In 200 years, South Korea's feed corn demand is about 6.6 million tons, of which more than 90% comes from China At present, the price of k8f is 150 US dollars per ton in China and CNF in South Korea, compared with 160-165 US dollars per ton in the United States K8F