China Drastically Cuts Corn Imports, Shaking the Global Agricultural Market

China's corn imports are projected to plummet by 3 million tons to 10 million tons for the 2024/25 season, according to the United States Department of Agriculture (USDA). This represents a significant decrease of over 50% compared to the 23.4 million tons imported in 2023/24 and the lowest volume since 2019/20. This reduction is attributed to government policies aimed at stabilizing domestic corn prices and decreased demand from the livestock sector due to falling meat consumption. The impact of this decision could ripple through global trade, potentially depressing international corn prices and affecting major exporters like the United States and Brazil. Simultaneously, planting delays for Brazil's second corn crop due to adverse weather further tightens global corn supplies, already at their lowest level in a decade. This confluence of factors creates uncertainty in the agricultural market, with potential for price volatility in the coming months.