In China, they have started to refuse deliveries of Ukrainian corn – Bloomberg

China has started to refuse shipments of Ukrainian corn.

Bloomberg reports this.

Agency stating that the reasons are purely economic: buyers are canceling orders because the government wants to support local farmers.

Importers have canceled four out of five batches planned for delivery from April to June. According to sources, the cancellations occurred over the past two weeks, and further cancellations may occur in the future.

Reduced consumption by the largest importer could further impact global prices, which are already under pressure due to abundant harvests in the United States and Brazil.

The cancellation occurred after Chinese customs authorities restricted shipments of foreign corn to certain regions of the country to reduce oversupply in the domestic market and support prices for farmers ahead of the planting season.

Earlier, it was reported that the European Commission had decided to ban the export of wheat, corn, rapeseed, and sunflower from Ukraine to five Eastern European countries.