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China, USDA outlooks differ for Chinese corn imports
The Chinese Agriculture Outlook Committee is maintaining its corn production and import outlook for the current marketing year.
China’s corn import outlook is currently seven million metric tons while the USDA’s Office of the Chief Economist released its estimate of 13 million metric tons in Tuesday’s WASDE report. The report points to China’s shipping data through early November and says it ‘indicates they will exceed their tariff rate quota’ of 7.2 million tons.
The report forecasts a record high 2.65 billion bushels of U.S. corn to be exported this marketing year which ends August 30th.
Tags: China, China trade, Corn, corn demand, corn trade, Exports, imports, Phase One Trade Deal, tariff rate quota, USDA, WASDE
