February 3, 2012

China's corn buys does not mean supply loss

China's corn imports does not mean that there is a supply scarcity on the local market, Chen Xiwen, director of the Office of Central Rural Work Leading Group said on Thursday (Feb 1).

China exports a large amount of corn processing products including starch and ethanol, and also exports massive animal products fed on corn. If this is taken into consideration, the country's corn exports are higher than imports, noted Chen.

The nation would continue to keep moderate imports and exports of grain with the aim of balancing the market demand and supply, he added.

China purchased three million to four million tonnes of corn from the US last year to replenish stocks, some traders said.