U.S. corn exports have plunged sharply, with China cutting back significantly on purchases. Data from the U.S. Department of Agriculture (USDA) shows a 62.8% drop in corn exports to China for the 2023/2024 marketing year. As of late August 2024, shipments totaled just 2.82 million tons, compared to 7.54 million tons during the same period last year.
A blend of reduced Chinese demand, stronger competition from Brazil, and policy changes aimed at lessening reliance on U.S. imports have reshaped the global corn trade landscape. This trend has increased pressure on U.S. producers, who now face the challenge of adjusting to an evolving global market.
Favorable weather in both the U.S. and Brazil has further contributed to an oversupply of corn, which has pushed down prices and disrupted traditional export patterns.
China, historically the world’s largest corn importer, has slowed its intake, leaving a noticeable gap for U.S. suppliers. No major new-season purchases by China have been recorded thus far—last year, China had already secured 391,000 tons by this point.
Other markets offer a glimmer of hope for U.S. exporters. Corn sales to global destinations outside China have increased, reaching 11.24 million tons—up from 10.41 million tons the previous year. But the absence of Chinese demand casts a long shadow, with concerns that the gap left by China may not be filled by other buyers.
The dramatic decline in Chinese imports reveals the fragility of global trade networks and underscores the need for U.S. agriculture to adapt swiftly to changing geopolitical and economic realities.
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