A market analyst says corn is one of the U.S. commodities being “punished” by a sudden shift in Chinese trade policy.
Global Commodity Analytics president Mike Zuzolo tells Brownfield customs authorities in China began restricting imports into free trade zones this week.
“This goes to a Bitcoin clampdown, this goes to commodity speculation in general, let by the metals and led by iron ore and copper. Corn happens to be part of it.”
He says high commodity prices prompted the move as China works to recover economically from the COVID-19 pandemic.
