China Rejects US & AU Grains and Accepts Russian Grains: What's going on?
The U.S. Department of Agriculture said China canceled purchases of 264,000 metric tons of U.S. soft red winter wheat. It was the third straight session with such an announcement, bringing the cancellation total to 504,000 tons, The figure is equivalent to about half the total U.S. wheat shipments to China in 2022 and the largest cancellation on record going back to 1999.
Australian wheat deliveries to China were also affected in March, as Chinese importers either canceled or postponed around 1 million tons of Australian wheat shipments to the second quarter. Moreover, Russia continues to be capable of exporting millions of tons of wheat and will likely reach a market share of approximately 29% in the global wheat market for the fiscal year 2024-25. Increasing grain supply from Russia is part of China’s import diversification strategy.
The development of the New Land Grain Corridor (NLGC) between China and Russia could significantly impact global food dynamics affecting not only China and Russia but also the wider world.
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