The U.S. sorghum industry will see relief after China's Ministry of Commerce announced Friday it would stop the investigation into anti-dumping and countervailing measures against U.S. sorghum exports to that country.
The announcement removes the 178.6% anti-dumping tariff China slapped on U.S. sorghum exactly a month ago.
Chinese officials cited that, over the course of the investigation, the commerce ministry (known as MOFCOM) heard from a lot of downstream users and determined that the case "would increase the costs of the downstream aquaculture industry." That, in turn, would increase the costs for Chinese consumers "and would not be in the public interest."
Chinese officials also said the price of domestic pork in China was falling and restrictions on imported sorghum would increase feed costs on pork producers as well.
TWE Price at posting:
$16.57 Sentiment: Hold Disclosure: Not Held
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