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Of Maize and Markets: China's New Corn Policy

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Abstract

In early 2013, farmers in Iowa and across the Midwest braced for a difficult corn market, with prices declining from $7/bushel in late 2012 to $4/bushel in early 2015, and finally settling at $3/bushel. Shielded from the world market, corn producers in China enjoyed a steady elevated corn price of almost $10/bushel from 2011 until 2015-largely a result of China's obscure price floor corn policy. While China's corn production is mainly used for domestic consumption, policy changes in China's corn markets have trade implications for the global corn, beef, and pork sectors. For example, last month, the United States filed a complaint with the World Trade Organization over China's excessive subsidies to corn, rice, and wheat farmers (OUSTR 2016). In this article, we examine why China has ended its nine-year-old corn price support policy, and implemented new corn policies.

Suggested Citation

  • Qianrong Wu & Wendong Zhang, 2016. "Of Maize and Markets: China's New Corn Policy," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2016-4, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:apr-fall-2016-4
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    Cited by:

    1. Shukun Wang & Changquan Liu & Lei Han & Tingting Li & Guolei Yang & Taofeng Chen, 2022. "Corn Grain or Corn Silage: Effects of the Grain-to-Fodder Crop Conversion Program on Farmers’ Income in China," Agriculture, MDPI, vol. 12(7), pages 1-16, July.
    2. Gabriel E. Lade & Ivan Rudik, 2017. "Efficient Environmental Regulation in the Unconventional Oil Industry," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2017-1, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    3. Lee L. Schulz & Chad Hart, 2020. "Is the US Agricultural Sector Recovering from COVID-19?," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2020-3, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    4. Xi He & Dermot J. Hayes & Wendong Zhang, 2020. "The Impact of Flooding on China's Agricultural Production and Food Security in 2020," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2020-4, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    5. Minghao Li & Wendong Zhang & Dermot J. Hayes & Riley Arthur & Yantao Yang & Xiudong Wang, 2017. "China's New Nationwide E10 Ethanol Mandate and Its Global Implications," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2017-2, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    6. Sebastien Pouliot, 2017. "The Importance of NAFTA for the Agricultural Sector," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2017-4, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    7. Yao, Guolin & Hertel, Thomas & Taheripour, Farzad, 2017. "Economic Insights into Telecoupling: Lessons from China's Soybean Boom," Conference papers 332840, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    8. Lee L. Schulz & Chad Hart, 2017. "The Ebbs and Flows of International Trade," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2017-5, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    9. Xi He & Dermot J. Hayes & Wendong Zhang, 2020. "Upheaval in China's Corn Market: Will China expand its Tariff Rate Quota for Corn?," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2020-2, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    10. Katherine Harris-Lagoudakis, 2020. "Federal Food Policy Response to the COVID-19 Pandemic," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2020-1, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    11. Gary Wynne & Georgeanne M. Artz & Lee L. Schulz & Christopher Rademacher, 2017. "How Do Swine Producers and Veterinarians Expect the VFD to Affect Their Business?," Center for Agricultural and Rural Development (CARD) Publications apr-fall-2017-3, Center for Agricultural and Rural Development (CARD) at Iowa State University.

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