GFO: China Moving From U-S Corn To Brazil CornApril 10, 2014 8:50am
A Grain Farmers of Ontario spokesman says China may be reducing it’s dependence on U-S corn.
Todd Austin says while the U-S used to supply more than 90 per cent of China’s corn imports it appears some of those buys are now going to Brazil.
In the weekly GFO Grain Market Commentary, Austin says Brazil is also playing a role in the soybean market.
He says for the first time in at least a decade, Brazilian shipments of soybeans in Brazil will fall short of it’s March deliveries.
Austin is linking that to cancelled Chinese purchases.
And he says the 35 per cent good to excellent rating the USDA gave the winter wheat crop this week was at the low end of market expectations.
While that mark was similar to this time last year, Austin says it was historically on the low end of ratings for this time of the year.