The year-on-year decrease of 39.9% in the first 11 months of 2024 has led to a significant reduction in China's corn imports

The reporter learned from the Ministry of Agriculture and Rural Affairs that since February 2024, there has been a directional change in the trend of corn imports, with the import volume shifting from a high level in the past to a continuous decline. From January to November 2024, China's corn imports amounted to 13.319 million tons, a year-on-year decrease of 39.9%. Especially in recent months, the monthly import volume of corn has continuously hit a temporary low. The import volume of corn in October was only 251000 tons, a year-on-year decrease of 87.7%, reaching a new low since December 2019. Based on the current arrival schedule of imported corn at the port, it is expected that the import volume will continue to remain low in December this year, with an annual import volume of less than 14 million tons, a decrease of more than 13 million tons from last year's import volume.

Experts say that the continuous decline of external increments is conducive to promoting the stability of domestic corn prices within a reasonable range, and returning supply and demand to an ideal state of tight balance. Both in terms of actual supply and market psychology, it brings certain benefits to the trend of domestic corn prices.

In the medium to long term, with the deepening implementation of the "New Round of Action Plan for Increasing Grain Production Capacity by 100 Billion catties (2024-2030)", agricultural infrastructure will continue to improve, and the integration and promotion of good fields, varieties, methods, opportunities, and systems will accelerate. Domestic corn production is expected to continue to increase, and the supply and demand relationship of corn will remain basically balanced while overall consumption remains stable. In the coming period, imported corn will mainly be used to regulate the market, and the import volume of corn is expected to further decrease.

Experts say that the current market price of corn is expected to be in the bottom zone and is expected to stabilize and rebound after the Spring Festival.