Because of China’s incredibly increasing imports of corn, the global market price of corn has hit $7.32 per bushel which broke the nine-year-old record of the highest price of corn. Throughout this week, the price for the corn bushel remained at $6, which is the highest since 2013.
The rapid increase in the demand for feed grain by China is mostly because of the rebounded production of hogs after African swine fever broke out. Soy has also been a widely demanded feed grain but wheat and barley are majorly impacted.
As the infographic shows, China imported corn about 250 percent more in 2020 and 2021 than any other year. Moreover, the wheat imports have also been doubled. Since the local Chinese farmers are also cultivating corns, the price for imported corns remains relatively less which ultimately benefits the USA.
Infographic by: Statista.com