IGC Cuts Chinese Corn Import Projections
The International Grains Council (IGC) has cut its forecast for Chinese corn imports in the 2021/22 market year (July-June) by 3.0 Mt to 18.5 Mt citing a stronger domestic harvest. Imports were already expected to fall from the record 25.0 Mt projected this year.
Revised Chinese demand expectations contributed to the IGC’s 5.0 Mt cut in projected US corn exports in 2021/22 to 62.3 Mt. US corn is also expected to face renewed competition from Argentina and Brazil, with the IGC lifting the countries anticipated exports for next market year to 34.5 Mt and 37.0 Mt, respectively.