Canary in the Mine: Red Ponzi Corn Imports

Per Tyler Durden at ZeroHedge:

On the same day that China published a much stronger than expected (if largely laughable as we first noted and Michael Pettis subsequently confirmed) GDP print, making China the only major economy to grow in the “year of covid”, China customs data showed that grains imports soared to record highs in 2020 after tight domestic corn supplies pushed prices to multi-year peaks, driving demand for cheaper imports.

To be precise, a record 11.3 million tonnes of imported corn last year – exceeding the annual quota of 7.2 million tonnes.

A first.

Meanwhile, everywhere else, grain prices have exploded by over 60% in the past 6 months…

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