China's waning appetite for grain spells danger for world market
Aerial view of farmers piling up dried wheat on June 9, 2024 in Huaian, Jiangsu Province of China. (Photo by VCG/VCG via Getty Images)
China's appetite for overseas wheat and corn is dwindling rapidly, which is likely to heap pressure on world grain markets that have grown accustomed to robust demand from the world's top agricultural importer.
Buyers in China haven't been observed making any major purchases for a couple of months, according to a number of traders. With domestic prices so low, that trend is likely to continue through the third quarter, they said, declining to be identified discussing sensitive commercial matters.
