China to import record amount of grains and oilseeds in 2024

Amid low global prices and a shortage of domestic production, China may import a record amount of grains and oilseeds in 2024, although it recently canceled deliveries of previously contracted shipments, Reuters reports.

Market participants expect that the rate of imports will increase in April, and the total volume of supplies in 2024 will correspond to last year. According to StoneX estimates, China will continue to buy high-quality milling wheat in Canada, the US and Australia to mix it with its own grain, the quality of which will be very low due to unfavorable weather conditions.

In January-February, China increased corn imports by 16% to 6.19 mln tonnes compared to the same period in 2023, and barley imports tripled to 2.71 mln tonnes.

In total, China imported agricultural products worth 234 bln USD in 2023.

Tags: soybean, imports, China, corn, grain, barley