IGC Upgrade Forecasts for Chinese Grain Imports
The International Grains Council (IGC) has doubled its projection for 2020/21 (Jul/Jun) Chinese corn imports to a record 16.0 Mt, more than twice the year-ago level. Much of this growth is being driven by US-China trade. Forecast US corn exports have been lifted by 8.0 Mt from the previous month’s report to 65.1 Mt.
The IGC has also upgraded its forecast for 2020/21 (Oct-Sep) Chinese soyabean imports (+2.0 Mt to 101.5 Mt). Meanwhile, forecast exports of soyabeans from Brail were upgraded by 1.0 Mt to 85.0 Mt, while projected shipments from the US remain at 58.0 Mt.