PIXABAY

May 27, 2022

China Clears Way for Brazilian Corn Imports

Similar agreements covering imports of soy protein and soymeal from Brazil are expected

China’s customs authority finalized an agreement to allow imports of Brazilian corn, the Ministry of Commerce said last week, lining up an alternative to U.S. corn to replace imports from Ukraine.

Similar agreements covering imports of soy protein and soymeal from Brazil are expected to be concluded during talks next month, an official involved in the negotiations told Reuters, requesting anonymity.

No timeline set

There is no set timeline on when China would allow imports of Brazilian corn into the country.

"The General Administration of Customs of China and the Brazilian Ministry of Agriculture signed the Protocol on Phytosanitary Requirements for exporting Brazilian corn to China (revised edition)," China's Ministry of Commerce said in a release.

"This protocol has been signed by the General Administration of Customs of China, but it has to be approved by China's Ministry of Agriculture. There are some intrinsic differences between the allowable GMO events into China and those that are present in Brazilian corn, so no imports can happen yet," a market source said.

Disrupted global trade

Almost all of China’s corn imports currently come from the U.S. and Ukraine. But Russia’s invasion of Ukraine has disrupted crop shipments from the Black Sea and shifted global trading, with importers and food companies scrambling to find other suppliers.

China's import of feed grains, especially corn, has risen over the last two years.

According to the Reuters report, Beijing’s deal with Brazil may reduce U.S. exports to China. China could also emerge as a rival to buyers from the European Union seeking imports of corn from Brazil.

Feed & Grain Staff

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Magazine

Marketwatch: Jul, 03

US Corn Price Idx: ZCPAUS.CM

open: 7.1488
high: 7.3886
low: 7.0173
close: 7.0525

US Soybean Price Idx: ZSPAUS.CM

open: 15.7324
high: 16.5525
low: 15.3323
close: 15.3637

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 9.0002
high: 9.0773
low: 8.5501
close: 8.6212

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 8.1033
high: 8.308
low: 7.749
close: 7.8078