July 2, 2007

China corn prices may fall before September harvest
 

Chinese corn prices will likely fall before the September harvest amid the prospect of new supply and sluggish demand, according to the China National Grain and Oils Information Centre.

In a speech to be delivered Monday (Jul 2) at the China Grain and Oils Outlook conference, Wang Xiaohui, head of CNGOIC's market monitoring department, is expected to say the country may also export 5 million tonnes of corn in the 2006/07 marketing year ending Sep 30, up 32 percent on-year.

In Jilin, China's largest corn-producing province, prices of average-quality corn were quoted about RMB1,400-1,530/tonne last week, compared with RMB1,360-1,540/tonne a week earlier.