This is the second single-day purchase of corn in the United States this month after April 4. The last purchase was 6.5438+0.04 million tons.
According to the data of Zhou Du Grain Export Report, by the week of April 7, 2022, China buyers had shipped 470,000 tons of corn, 0.4 million tons of sorghum/kloc and 420,000 tons of soybeans from the United States.
There are indications that with the interruption of supply in the Black Sea, China buyers began to increase their efforts to import American grain.
According to the data of China's grain imports last year, the Black Sea region's influence on China's grain imports was mainly corn and barley produced in Ukraine, but it was the interruption of Ukraine's grain exports that forced China buyers to seek other supply channels.
Relatively speaking, although Russia is the largest wheat exporter in the world, its wheat export to China is very limited, because China has sufficient domestic wheat supply.
American export data also show that although China has bought a lot of American corn, sorghum, soybeans and other crops this year, its purchase of American wheat is almost zero.
It is worth noting that although China's purchasing in the international corn market is active recently, the domestic price has shown a downward trend in the same period.
Up to now, the purchase price of corn in Huanghuai area is concentrated between 2800-2900 yuan/ton, while the whole northeast area is between 2540-2720 yuan/ton.
In contrast, the theoretical duty-paid cost of corn imported from the United States is about 3 100 yuan/ton.
However, it should be pointed out that the general trading method of corn, soybean and other commodities imports in China is click trading, and the actual trading price of commodities is not determined on the spot. The buyer only needs to specify Chicago futures as the benchmark price before the delivery date.
Considering that there are still about five months before the new corn is listed, the domestic corn supply will continue to decline, while the international market fluctuates greatly in the same period. Locking the supply in advance is not a bad thing.
However, in the short term, the global supply situation is still not optimistic.
The food supply and demand bulletin released by FAO last week also showed that the interruption of supply in the Black Sea had an impact on the global food trade flow.
It is reported that in addition to the interruption of logistics, with the implementation of European and American sanctions against Russia, some countries have gradually reduced their imports of Russian wheat.
The latest news shows that Egypt, which imported a lot of Russian wheat in the first quarter, restricted the wheat production from Europe in the latest wheat bidding procurement.
As the world's largest wheat importer, Egypt's domestic wheat reserves have fallen to 2.6 months' supply, far below the recent level and below the six-month target set by the government.
In addition, due to the interruption of the Black Sea supply, more and more countries began to take restrictive measures on food exports.
According to the information we have received, Russia, Belarus, Algeria and other countries have taken temporary management measures for the export of some grain varieties since this month.