China's corn import and export situation is changing

Introduction: on Friday, one of China's two government authorized corn exporters said it had cancelled the export sales of 1 million tons of corn The U.S Department of Agriculture reported that China had bought up to 500000 tons of corn As soon as the report said, it was like setting a fire to the Chicago futures market, the price of corn futures soared, and trading volume reached a new high So far, no one knows the details However, foreign traders say that one thing is certain that China's accession to the WTO has begun to count down These recent events may be a small episode of China's adaptation to international practices China's southern region will import corn next year, but the amount may not reach the total amount of 5.85 million tons of TRQ But that doesn't mean China will soon become a net importer of corn China will still try to export corn to the Northeast in the near future, especially at present, China's corn inventory is still sufficient The news about China's purchase of 500000 tons of American corn is confusing because the government has not yet issued any import licenses Perhaps one of the two state-owned trading companies, COFCO and COFCO, ordered corn ahead of time because of the current low price in Chicago Together, the two state-owned companies will get 68% of TRQ It will be very easy to import corn in South China, with at least $6 per ton in profit even as corn rose on Friday South China purchases 6 million tons of corn from North China every year, and 500000 tons is nothing On the export market, China is eager to export corn as much as possible and offer corn for sale at a discount price But since the export subsidy for corn will be abolished in February next year, no shipping company is willing to deliver goods after February next year China is unlikely to load all the 3.5 million tons of corn sold in the August tender As a result, some of the contracts had to be cancelled
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