USGC leader says China’s grain demand signal “structural change”
A U.S. Grains Council official says the growth in China’s grain demand has not been caused by a temporary shortage.
Bryan Lohmar told commodities broker S&P Global Platts the Chinese corn imports are up more than 11-hundred percent topping nearly eight million metric tons between January and October. Lohmar says the purchases signal a structural change in Chinese domestic consumption levels and he believes China will procure more corn from global markets in future years.
Customs data puts China’s corn imports above the 7.2 million metric ton annual tariff rate quota for the first time, and USDA is projecting that number will top 13 million metric tons by the end of the year. More than six and a half million metric tons of wheat and six million metric tons of barley have also entered China so far this year, far above normal.