China's corn import demand may far exceed current U.S. Department of Agriculture expectations

News on April 27: Steve Fried, vice president of ADM Investment foodmate.
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The Ministry’s current forecast of 24 million tons is also higher than the 28 million tons predicted by the US Agricultural Counselor in China recently.

 

　　In addition, Brazil's corn production may fall to 92 million tons, which is lower than the current USDA forecast of 109 million tons.
This may result in a reduction of 10 to 12 million tons of Brazilian corn exports.
Brazil may need to import corn in July, and there will be few corn available for export between August 2021 and January 2022.

 

　　Fried said that some analysts believe that the next target for Chicago's recent corn futures is 710 cents per bushel, then 750 cents, and then will challenge 800 cents per bushel.