China “swamped” with imported cheap corn
There is an oversupply of corn on the Chinese market, which directly affects domestic production. As Bloomberg reports, many farms cannot exist normally and are not preparing for new plantings due to the unprofitability of the crop.
According to the source, corn prices in China are the lowest in three years.
Chinese customs have already taken measures to reduce domestic oversupply and maintain prices for farmers ahead of the next planting season. The country officially has an import quota of 7.2 million tons of corn, which is subject to a 1% tariff. Anything above that is already subject to a 65% duty. But very part of importers mix corn with other ingredients and carry it under other names with lower duty.
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