Update from our China Office 

Danny Ding

As of October 8th, the total U.S. soybean exported to China was 23.7 million metric tons, a year-on-year increase of 3.2 times; U.S. new season corn has been ordered to exceed 10 million metric tons; U.S. new season sorghum has been ordered over 2 million metric tons. A professional agency forecast, China’s total soybean imports are expected to approach 99 million metric tons, and the gap of corn will also reach a historical peak, which is expected to be 30-40 million metric tons. In addition, wheat imports are expected to be close to the second highest level in history of 7 million metric tons. Therefore, it’s believed that China will continue to import more grains from the U.S. during 2020-2021 marketing year. 

According to USDA, China has purchased 10.4 million metric tons for delivery during 2020-2021, twice as large as the sales to date for Mexico, which is usually the number one U.S. corn purchaser. During the last marketing year, Mexico imported about 14.5 million metric tons, while China brought in about 2.3 million metric tons.

“The phase one trade agreement is a factor, but Chinese importers are also practical and will buy what they need when they need it, and the price is right for them.” says Ryan LeGrand, CEO of the U.S. Grains Council.

On October 20th, China revealed that the overall progress of China's novel coronavirus vaccine is moving ahead. On the same day, the Health Commission of Shaoxing City, Zhejiang Province issued the instructions for emergency vaccination of the novel coronavirus vaccine in autumn and winter. It will promote the vaccination of key protection target groups (medical personnel, health and epidemic prevention personnel, etc.) firstly, and then steadily carry out voluntary vaccination of other residents. Vaccination is divided into 2 doses, and the price is USD 30.08 per dose, meaning the total is USD 60.16 for two times.